“P.O.D. account” means any of the following:
(a) An account payable on request to one person during the person’s lifetime and on the person’s death to one or more P.O.D. payees.
(b) An account payable on request to one or more persons during their lifetimes and on the death of all of them to one or more P.O.D. payees.
(Enacted by Stats. 1990, Ch. 79.)