CA AB1624

Bases a party's ownership interest in a multiple-party account on the proportion of that party's net contributions to the account during the lifetime of all parties.

Defines "excess withdrawal" as the amount a party withdraws that exceeds their net contribution on deposit immediately before the withdrawal, with other parties gaining ownership interest in the excess withdrawal proportional to their net contributions.

Permits only living parties or their legal representatives (conservator, guardian, or agent) to claim ownership interest in an excess withdrawal, with courts having discretion to reduce recovery to reflect funds withdrawn for the claiming party's benefit.

Eliminates rights of survivorship only with respect to funds withdrawn to the extent of the withdrawing party's net contribution to the account, rather than eliminating survivorship rights for all withdrawn funds.

Clarifies that financial institutions are not required to inquire into fund sources, determine net contributions, or limit withdrawals based on net contributions.