Whenever the public administrator becomes the administrator of the estate of a decedent who at the time of his death left money on deposit with a commercial bank, the public administrator may allow such deposit to remain in the commercial bank and may deposit therein to the account of the decedent any moneys of said estate not required for current expenses of administration, and in such cases the public administrator need not deposit the same with the county treasurer. Moneys so
deposited, whether by the decedent or by the public administrator, may be withdrawn upon the order of the public administrator countersigned by a judge of the superior court when required for the purpose of administration or otherwise.
Loans and InvestmentsMiscellaneous
Section § 1520
If someone passes away and the public administrator is put in charge of their estate, they can leave the deceased person's money in the same bank where it was originally deposited. They can also add more money from the estate into that account if it's not needed for immediate estate expenses. The administrator doesn't have to transfer this money to the county treasurer. To withdraw this money, the public administrator needs a judge's approval when it's necessary for handling the estate or other purposes.
public administrator estate administration decedent's fund
Section § 1521
This law says that commercial banks in California must outline in their rules or agreements with savers how and when they can get their money back. They can't ignore notice requirements for withdrawals unless they do it for all savers. If savers are asking for more money back than the bank has available, the bank must stop making new loans or investments until it can cover those withdrawal requests.
A commercial bank accepting savings deposits shall provide by its bylaws or by contract with its savings depositors the time and condition on which repayment is to be made to such depositors. The bank shall not waive any requirement of notice before payment of any savings deposit except as to all savings deposits.
Whenever there is any call by savings depositors for repayment of a greater amount than the bank may have disposable for that
purpose, the bank must not make any new loan or investment until such excess call has ceased.
commercial bank savings deposits repayment conditions
Section § 1522
This law states that if there is any law that talks about putting funds into a savings bank, it also applies to commercial banks that accept savings deposits. So, those commercial banks are considered the same as savings banks for these purposes.
For the purposes of any law authorizing or providing for the deposit of funds with a savings bank, a commercial bank accepting savings deposits shall be deemed a savings bank.
deposit of funds savings bank commercial bank
