SECTIONS 6850-6856 - California Statutes

FINANCIAL CODE

SECTION 6850-6856

6850. Any association may accept fiduciary savings accounts in the
name of any administrator, executor, custodian, conservator,
guardian, trustee, or other fiduciary for a named beneficiary or
beneficiaries.

6851. (a) The withdrawal value of a fiduciary account, and interest
on it, or other rights relating to it, may be paid or delivered, in
whole or in part, to the fiduciary without regard to any notice to
the contrary as long as the fiduciary is living.
(b) The payment or delivery to the fiduciary or a receipt or
acquittance signed by a fiduciary to whom payment or delivery of
rights is made shall be a sufficient release of an association for
the payment or delivery.

6852. (a) Whenever a person holding an account in a fiduciary
capacity dies and no written notice of the revocation or termination
of the fiduciary relationship has been given to an association and
the association has no written notice of any other disposition of the
beneficial estate, the withdrawal value of the account, and interest
on it, or other rights relating to it, may, at the option of an
association, be paid or delivered, in whole or in part, to the
beneficiary or beneficiaries.
(b) In the absence of written notice to the contrary an
association may presume that each beneficiary of an account with two
or more beneficiaries has an undivided equal beneficial interest in
the account.

6855. No association paying any fiduciary, beneficiary, or
designated person in accordance with this article or the California
Multiple-Party Accounts Law contained in Part 2 (commencing with
Section 5100) of Division 5 of the Probate Code shall, because of the
payment, be liable for any estate, inheritance, or succession taxes
that may be due this state.

6856. The provisions of this article apply to federal associations
to the extent that they are not inconsistent with and do not infringe
upon federal laws governing federal associations.