§ 6.1-225.49. Payment of small balances to distributees or other persons
When the share balance of a deceased person upon whose estate there has been no qualification does not exceed $15,000, it shall be lawful for the credit union, after sixty days from the death of such person, to pay such balance to his or her spouse, and if none, to the distributees of the decedent or other persons entitled thereto under the laws of this Commonwealth. The receipt therefor shall be a full discharge of the credit union for the amount so paid. Such balance or any part thereof shall not exceed the amount given a priority by § 64.1-157 after thirty days from the death of such person. Upon the written request of the spouse, or if there is none, the distributees of the decedent or other persons entitled thereto under the laws of the Commonwealth the balance may be paid to the funeral director or mortuary handling the funeral of such decedent. A receipt of the payee shall be a full and final release of the credit union for the amount so paid.
(1968, c. 560, § 6.1-208.4; 1976, c. 203; 1981, c. 330; 1986, c. 334; 1990, c. 373; 1997, c. 278; 2002, cc. 187, 220, 227.)
Sections: Previous 6.1-225.42 6.1-225.43 6.1-225.44 6.1-225.45 6.1-225.46 6.1-225.47 6.1-225.48 6.1-225.49 6.1-225.50 6.1-225.50:1 6.1-225.50:2 6.1-225.51 6.1-225.52 6.1-225.53 6.1-225.54 NextLast modified: April 16, 2009