Statute · California Probate Code
Cal. Prob. Code § 5407 — Protection of Financial Institution
Cal. Prob. Code § 5407
- Type
- Statute
- Source
- California Probate Code
- Jurisdiction
- California
- Current through
- Nov 2, 2026 (California Legislative Counsel)
If a financial institution is required or permitted to make payment pursuant to this chapter to a person who is a minor:
Citator
Cal. Prob. Code § 5407 — Protection of Financial Institution is in force in the current edition of the Code, and nothing recorded condemns it.
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.