2011 California Code
Probate Code
DIVISION 5. NONPROBATE TRANSFERS [5000 - 5705]
CHAPTER 4. Protection of Financial Institution
Section 5407
If a financial institution is required or permitted to make payment pursuant to this chapter to a person who is a minor:
(a) If the minor is a party to a multiple-party account, payment may be made to the minor or to the minor s order, and payment so made is a valid release and discharge of the financial institution, but this subdivision does not apply if the account is to be paid to the minor because the minor was designated as a P.O. D. payee or as a beneficiary of a Totten trust account.
(b) In cases where subdivision (a) does not apply, payment shall be made pursuant to the California Uniform Transfers to Minors Act (Part 9 (commencing with Section 3900) of Division 4), or as provided in Chapter 2 (commencing with Section 3400) of Part 8 of Division 4.
(Enacted by Stats. 1990, Ch. 79.)
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