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.
Cal. Prob. Code § 5304
Ownership Between Parties and Their Creditors and Successors
Known as the California Multiple-Party Accounts Law
The act spans §§ 5100–5407 (38 sections).
Applied in 1 court decision — leading case 224 Cal. Rptr. 3d 243 - Estate of O'Connor v. O'Connor (2017)
Most recently applied in 224 Cal. Rptr. 3d 243 - Estate of O'Connor v. O'Connor (October 2017)
Enacted by Stats. 1990, Ch. 79.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.