Cal. Probate Code § 5303
Cal. Probate Code § 5303
California · California Probate Code · Status: effective · Effective 2013-01-01
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- Citation
- Cal. Probate Code § 5303, California, version 1 as recorded 2026-07-25, yourstate.us, https://yourstate.us/provision/894236
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Full text
(a) The provisions of Section 5302 as to rights of survivorship are determined by the form of the account at the death of a party.
(b) Once established, the terms of a multiple-party account can be changed only by any of the following methods:
(1) Closing the account and reopening it under different terms.
(2) Presenting to the financial institution a modification agreement that is signed by all parties with a present right of withdrawal. If the financial institution has a form for this purpose, it may require use of the form.
(3) If the provisions of the terms of the account or deposit agreement provide a method of modification of the terms of the account, complying with those provisions.
(4) As provided in subdivision (c) of Section 5405.
(c) During the lifetime of a party, the terms of the account may be changed as provided in subdivision (b) to eliminate or to add rights of survivorship. Withdrawal of funds from the account by a party also eliminates rights of survivorship with respect to the funds withdrawn to the extent of the withdrawing party’s net contribution to the account.