California Partition Law Blog
The California Multi-Party Account Law governs financial accounts with multiple endorsers and beneficiaries, such as joint accounts, pay on death accounts, and Totten trust accounts. The law ensures transparency and protection for account holders by outlining how these accounts are managed, how funds are distributed on death, and the rights of each involved party. Understanding how California’s Multi-Party Account Law protects account holders and financial institutions helps prevent disputes and ensures the account holder’s intentions are respected at the time of distribution.
What is CAMPAL?
California’s Multi-Party Accounts Law (“CAMPAL”) regulates the ownership interest of individuals with joint bank accounts. (Prob. Code, § 5100.) The California Legislature enacted CAMPAL in 1990; now, CAMPAL applies to all accounts existing on, and established after, July 1, 1990. (Prob. Code, § 5205.)