§ 5407
141 words·~1 min read·
/ca/probate-code/5407A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.