California Probate Code 6320 – As used in this chapter, unless the context otherwise …
As used in this chapter, unless the context otherwise requires:
(a)”Designation” means a designation made pursuant to Section 6321.
Terms Used In California Probate Code 6320
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- Designation: means a designation made pursuant to Section 6321. See California Probate Code 6320
- Instrument: includes all of the following:
California Probate Code 6320
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(b) “Instrument” includes all of the following:
(1)An insurance, annuity, or endowment contract (including any agreement issued or entered into by the insurer in connection therewith, supplemental thereto, or in settlement thereof).
(2)A pension, retirement benefit, death benefit, stock bonus, profit-sharing or employees’ saving plan, employee benefit plan, or contract created or entered into by an employer for the benefit of some or all of his or her employees.
(3)A self-employed retirement plan, or an individual retirement annuity or account, established or held pursuant to the Internal Revenue Code.
(4) A multiple-party account, as defined in Section 5132.
(5) Any other written instrument of a type described in Section 5000.
(Amended by Stats. 1992, Ch. 178, Sec. 31.4. Effective January 1, 1993.)