State Seal California Law Revision Commission

-- Last revised 11/22/06 --

Multiple Party Accounts: Ownership of Amounts on Deposit

    Recent case law interprets the Multiple Party Accounts Law to enable a party to an account to obtain ownership of amounts on deposit without liability to the other parties by withdrawal of funds from the account. The Commission recommends corrective legislation to make clear that ownership of amounts withdrawn from a joint account is based on net contributions to the account. Legislation to implement the Commission's recommendation is pending as AB 69 (Harman) in the 2005-06 legislative session.
    If you have questions or comments on this study, send email to Nathaniel Sterling at sterling@clrc.ca.gov.

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