California § 40501 - In accordance with the implied contract existing between a financial institution
Full text of California Public Contract Code - PCC § 40501 — In accordance with the implied contract existing between a financial institution, with citation guidance and answers to common questions.
§ 40501. In accordance with the implied contract existing between a financial institution
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 depositorâs 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.
Source: official California text · Last verified 2026-08-27
Frequently Asked Questions About California § 40501
What does Public Contract Code - PCC § 40501 cover?
Section 40501 ("In accordance with the implied contract existing between a financial institution") is part of the Public Contract Code - PCC, the codified statutory law of California. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite California § 40501?
A common citation format is "Public Contract Code - PCC § 40501" (California). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of California law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the California official source linked on this page or consult a licensed California attorney.
How does California § 40501 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in California can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in California.