-- Last revised 01/23/24 --
Multiple Party Accounts: Ownership of Amounts on Deposit - Study L-1064
Case law interpreted 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 The Commission recommended corrective legislation to make clear that ownership of amounts withdrawn from a joint account is based on net contributions to the account.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 was introduced as AB 69 (Harman) in the 2005-06 legislative session.
Related Material
- Legislation
- Final Recommendation
- Tentative Recommendation
- Commission Decisions (Meeting Minutes)
- Staff Memoranda
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Legislation
-
2005: Assembly Bill 69 (Harman) [Ownership of Amounts Withdrawn from Joint Account]
Not Enacted
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Final Recommendation
- Ownership of Amounts Withdrawn from Joint Account -- (June 2004)
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Tentative Recommendations and Other Requests for Comment
- Tentative Rec. -- Ownership of Amounts Withdrawn from Joint Account (February 2004)
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Meeting Minutes
- June 10, 2004 Meeting in Sacramento
- February 6, 2004 Meeting in Sacramento
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Staff Memoranda
- Memo 2004-32 -- Multiple Party Accounts: Ownership of Amounts on Deposit (Comments on Tentative Recommendation) (5/28/2004)
- Memo 2004-10, Supp. 1 -- Multiple Party Accounts: Ownership of Amounts on Deposit (Comments of State Bar Committees) (1/28/2004)
- Memo 2004-10 -- Multiple Party Accounts: Ownership of Amounts on Deposit (12/19/2003)