(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 Withdrawal of funds from the account by a party also eliminates rights of survivorship with respect to the funds withdrawn to the extent of the withdrawing party’s net contribution to the account.
(Amended by Stats. 2012, Ch. 235, Sec. 2. (AB 1624) Effective January 1, 2013.)
Last modified: October 25, 2018