§ 6.1-194.58. Payment of small balances to distributees or other persons
When the account of a deceased person upon whose estate there has been no qualification does not exceed $15,000, it shall be lawful for a savings institution, 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 the Commonwealth, whose receipt therefor shall be a full discharge and acquittance of the institution as to all persons on account of such account. Such balance or any part thereof not to exceed the amount given a priority under the provisions of § 64.1-157 after thirty days from the death of such person, at the written request of the spouse, or if there is none, then of the distributees of the decedent or other persons entitled thereto under the laws of the Commonwealth, may be paid to the undertaker or mortuary handling the funeral of such decedent and a receipt of the payee shall be a full and final release of the institution.
(Code 1950, §§ 6-201.26, 6.1-153, 6.1-195.29; 1960, c. 402; 1962, c. 524; 1966, c. 584; 1972, c. 796; 1973, c. 128; 1977, c. 138; 1984, c. 302; 1985, c. 425; 1986, c. 334; 1987, c. 276; 1997, c. 278; 2002, cc. 187, 220, 227.)
Sections: Previous 6.1-194.51 6.1-194.52 6.1-194.53 6.1-194.54 6.1-194.55 6.1-194.56 6.1-194.57 6.1-194.58 6.1-194.59 6.1-194.60 6.1-194.61 6.1-194.62 6.1-194.63 6.1-194.64 6.1-194.65 NextLast modified: April 16, 2009