§ 1402 Multiple-Party Bank Accounts

This law says that if you have a joint bank account (a multiple‑party account) it follows the rules in the Probate Code starting at section 5100.

Key Takeaways

•Joint accounts are covered by the Probate Code, not by regular banking rules.
•The account becomes part of the deceased person’s estate and must be divided according to probate law.
•Both account holders have equal rights to the funds while they are alive.

Example

Maria and her brother each put money into a joint checking account that they both can use.

Because it is a multiple‑party account, the money in it is treated like a probate asset and must be handled according to the Probate Code’s rules for sharing property after one of them dies.

A bank account that is a multiple-party account as defined in Section 5132 of the Probate Code is governed by Part 2 (commencing with Section 5100) of Division 5 of the Probate Code. (Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)

This law says that if you have a joint bank account (a multiple‑party account) it follows the rules in the Probate Code starting at section 5100.

Key Takeaways

•Joint accounts are covered by the Probate Code, not by regular banking rules.
•The account becomes part of the deceased person’s estate and must be divided according to probate law.
•Both account holders have equal rights to the funds while they are alive.

Example

Maria and her brother each put money into a joint checking account that they both can use.

Because it is a multiple‑party account, the money in it is treated like a probate asset and must be handled according to the Probate Code’s rules for sharing property after one of them dies.

Key Takeaways

Example

Key Terms

References

§ 1402 Multiple-Party Bank Accounts

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References