(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:
(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.
Notes of Decisions
Est. of O'Connor v. O'Connor, 16 Cal. App. 5th 159 (Cal. Ct. App. 2017).
“) "Words in substantially the following form in a signature card, passbook, contract, or instrument evidencing an account, or words to the same effect," can create a joint account if "executed before, on, or after July 1, 1990"-"This account or certificate is owned by the named…”
Reichel v. Jung, 2000 WI App 151, 616 N.W.2d 118.
“" The court found that an annuity fit the definition of a joint account under Cal. Prob. Code § 5122 (a) (West 2000) because an annuity, like an account, involves a "deposit of funds between a depositor and a financial institution.”
Est. of O'Connor, No. B272085 (Cal. Ct. App. Oct. 13, 2017).
“”6 (Prob. Code, § 5122, 5 Nevertheless, in the decades following the enactment of section 683, application of the statute to joint tenancy bank accounts had been undercut by cases holding that no writing was required, and that parol evidence was allowed to show the intent of the…”
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