§ 64.1-123.1. Payment where decedent owned securities issued by corporation
When a resident of Virginia owning securities issued by a corporation dies and there has been no qualification upon his estate within sixty days following his death, the corporation, or its transfer agent, upon surrender of the certificates evidencing such security to it, may transfer such security to his surviving spouse or, if none such, then to the distributees of the decedent under the laws of this Commonwealth. The receipt of the surviving spouse or distributees shall be a full discharge and acquittance to all persons on account thereof. The provisions of this section shall not apply in any case in which the security or securities of a particular issuer have an aggregate market value as of date of death or date of transfer of more than $15,000; nor shall they apply in any case in which a claim has been asserted under the provisions of § 13.1-429; nor shall they apply in any case in which the decedent left a will directing distribution of the securities in any other manner, but the issuer or transfer agent shall be entitled to rely upon the affidavit of the surviving spouse or the distributees, as the case may be, as to the existence or nonexistence of a will.
The term "securities" shall include any evidence of ownership in a corporation, including stocks of any class, and any evidence of indebtedness, other than a certificate of deposit, having an initial maturity of seven years or more, and being of a type commonly dealt in upon securities exchanges or markets or commonly recognized in any area in which it is issued or dealt in as medium for investment.
This section is intended to be permissive only and the issuer or transfer agent, in a case deemed appropriate by either, may require endorsement of a qualified personal representative.
(1977, c. 148; 1978, c. 281; 1980, c. 462; 1989, c. 158; 1996, c. 549; 2001, c. 368.)
Sections: Previous 64.1-119 64.1-120 64.1-121 64.1-122 64.1-122.1 64.1-122.2 64.1-123 64.1-123.1 64.1-123.2 64.1-123.3 64.1-124 64.1-124.1 64.1-125 64.1-126 64.1-128 NextLast modified: April 3, 2009