California Probate Code 5122 – (a) “Account” means a contract of deposit of funds between a …
(a) “Account” means a contract of deposit of funds between a depositor and a financial institution, and includes a checking account, savings account, certificate of deposit, share account, and other like arrangement.
(b) “Account” does not include:
Terms Used In California Probate Code 5122
- Conservatee: includes a limited conservatee. See California Probate Code 29
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Decedent: A deceased person.
- Financial institution: means a state or national bank, state or federal savings and loan association or credit union, or like organization. See California Probate Code 40
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Savings account: has the meaning given that term in §. See California Probate Code 23
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
(1) An account established for deposit of funds of a partnership, joint venture, or other association for business purposes.
(2) An account controlled by one or more persons as the duly authorized agent or trustee for a corporation, unincorporated association, or charitable or civic organization.
(3) A regular fiduciary or trust account where the relationship is established other than by deposit agreement.
(4) An account established for the deposit of funds of the estate of a ward, conservatee, or decedent.
(Enacted by Stats. 1990, Ch. 79.)