Code of Virginia - Title 6.1 Banking And Finance - Section 6.1-125.15:1 Certain duties of parties to joint bank accounts in financial institutions

§ 6.1-125.15:1. Certain duties of parties to joint bank accounts in financial institutions

Parties to a joint account in a financial institution occupy the relation of principal and agent as to each other, with each standing as a principal in regard to his ownership interest in the joint account and as agent in regard to the ownership interest of the other party. The provisions of §§ 11-9.6 and 37.2-1018 shall apply to such principal/agent relationships. For the purposes of this section, the definition of a joint account in a financial institution, and the ownership interest of the parties therein, are determined in accordance with the provisions of this chapter.

(1996, c. 260.)

Sections:  Previous  6.1-125.3  6.1-125.4  6.1-125.5  6.1-125.6  6.1-125.7  6.1-125.8  6.1-125.9  6.1-125.10  6.1-125.11  6.1-125.12  6.1-125.13  6.1-125.14  6.1-125.15  6.1-125.15:1  6.1-125.16  Next

Last modified: April 16, 2009