Cal. FIN § 40501
This is the official text of Cal. FIN § 40501, part of California’s Financial Code — regulates banks, credit unions, lenders, and other financial institutions.
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Official statutory text
In accordance with the implied contract existing between a financial institution and its depositor, no bank, savings association, credit union, or other financial institution operating in this state which maintains and services demand deposit accounts, including NOW accounts, may release any funds from those accounts to any person or entity who is not the account holder, unless the funds are released pursuant to the depositor’s authorization or in accordance with the law. This section does not apply to any setoff for a debt claimed to be owed to a bank, savings association, credit union, or other financial institution by a customer.
Status: in_force · Read it on the official government site
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