5301-5307

PROBATE CODE
SECTION 5301-5307




5301.  (a) An account belongs, during the lifetime of all parties,
to the parties in proportion to the net contributions by each to the
sums on deposit, unless there is clear and convincing evidence of a
different intent.
   (b) In the case of a P.O.D. account, the P.O.D. payee has no
rights to the sums on deposit during the lifetime of any party,
unless there is clear and convincing evidence of a different intent.
   (c) In the case of a Totten trust account, the beneficiary has no
rights to the sums on deposit during the lifetime of any party,
unless there is clear and convincing evidence of a different intent.
If there is an irrevocable trust, the account belongs beneficially to
the beneficiary.


5302.  Subject to Section 5600:
   (a) Sums remaining on deposit at the death of a party to a joint
account belong to the surviving party or parties as against the
estate of the decedent unless there is clear and convincing evidence
of a different intent. If there are two or more surviving parties,
their respective ownerships during lifetime are in proportion to
their previous ownership interests under Section 5301 augmented by an
equal share for each survivor of any interest the decedent may have
owned in the account immediately before the decedent's death; and the
right of survivorship continues between the surviving parties.
   (b) If the account is a P.O.D. account:
   (1) On death of one of two or more parties, the rights to any sums
remaining on deposit are governed by subdivision (a).
   (2) On death of the sole party or of the survivor of two or more
parties, (A) any sums remaining on deposit belong to the P.O.D. payee
or payees if surviving, or to the survivor of them if one or more
die before the party, (B) if two or more P.O.D. payees survive, any
sums remaining on deposit belong to them in equal and undivided
shares unless the terms of the account or deposit agreement expressly
provide for different shares, and (C) if two or more P.O.D. payees
survive, there is no right of survivorship in the event of death of a
P.O.D. payee thereafter unless the terms of the account or deposit
agreement expressly provide for survivorship between them.
   (c) If the account is a Totten trust account:
   (1) On death of one of two or more trustees, the rights to any
sums remaining on deposit are governed by subdivision (a).
   (2) On death of the sole trustee or the survivor of two or more
trustees, (A) any sums remaining on deposit belong to the person or
persons named as beneficiaries, if surviving, or to the survivor of
them if one or more die before the trustee, unless there is clear and
convincing evidence of a different intent, (B) if two or more
beneficiaries survive, any sums remaining on deposit belong to them
in equal and undivided shares unless the terms of the account or
deposit agreement expressly provide for different shares, and (C) if
two or more beneficiaries survive, there is no right of survivorship
in event of death of any beneficiary thereafter unless the terms of
the account or deposit agreement expressly provide for survivorship
between them.
   (d) In other cases, the death of any party to a multiple-party
account has no effect on beneficial ownership of the account other
than to transfer the rights of the decedent as part of the decedent's
estate.
   (e) A right of survivorship arising from the express terms of the
account or under this section, a beneficiary designation in a Totten
trust account, or a P.O.D. payee designation, cannot be changed by
will.



5303.  (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 with a present right of withdrawal during the lifetime of a
party also eliminates rights of survivorship upon the death of that
party with respect to the funds withdrawn.



5304.  Any transfers resulting from the application of Section 5302
are effective by reason of the account contracts involved and this
part and are not to be considered as testamentary. The right under
this part of a surviving party to a joint account, or of a
beneficiary, or of a P.O.D. payee, to the sums on deposit on the
death of a party to a multiple-party account shall not be denied,
abridged, or affected because such right has not been created by a
writing executed in accordance with the laws of this state
prescribing the requirements to effect a valid testamentary
disposition of property.



5305.  (a) Notwithstanding Sections 5301 to 5303, inclusive, if
parties to an account are married to each other, whether or not they
are so described in the deposit agreement, their net contribution to
the account is presumed to be and remain their community property.
   (b) Notwithstanding Sections 2581 and 2640 of the Family Code, the
presumption established by this section is a presumption affecting
the burden of proof and may be rebutted by proof of either of the
following:
   (1) The sums on deposit that are claimed to be separate property
can be traced from separate property unless it is proved that the
married persons made a written agreement that expressed their clear
intent that the sums be their community property.
   (2) The married persons made a written agreement, separate from
the deposit agreement, that expressly provided that the sums on
deposit, claimed not to be community property, were not to be
community property.
   (c) Except as provided in Section 5307, a right of survivorship
arising from the express terms of the account or under Section 5302,
a beneficiary designation in a Totten trust account, or a P.O.D.
payee designation, may not be changed by will.
   (d) Except as provided in subdivisions (b) and (c), a
multiple-party account created with community property funds does not
in any way alter community property rights.



5306.  For the purposes of this chapter, if an account is expressly
described in the deposit agreement as a "tenancy in common" account,
no right of survivorship arises from the terms of the account or
under Section 5302 unless the terms of the account or deposit
agreement expressly provide for survivorship.



5307.  For the purposes of this chapter, except to the extent the
terms of the account or deposit agreement expressly provide
otherwise, if the parties to an account are married to each other and
the account is expressly described in the account agreement as a
"community property" account, the ownership of the account during
lifetime and after the death of a spouse is governed by the law
governing community property generally.