Code of Virginia - Title 6.1 Banking And Finance - Chapter 2.1 Multiple-Party Accounts

• 6.1-125.1 Definitions
  As used in this chapter, unless the context otherwise requires: 1. "Account" means a contract of deposit of funds between a depositor and a financial ...
• 6.1-125.2 Applicability
  The provisions of §§ 6.1-125.3 through 6.1-125.5 concerning beneficial ownership as between parties, or as between parties and P.O.D. payees or beneficiaries of multiple-party accounts, ...
• 6.1-125.3 Ownership during lifetime; garnishment, attachment or levy
  A. A joint account belongs, during the lifetimes of all parties, to the parties in proportion to the net contributions by each to the sums ...
• 6.1-125.4 Effect of divorce
  Upon the entry of a decree of divorce, either a mensa et thoro or a vinculo matrimonii, all rights of either consort in any multiple-party ...
• 6.1-125.5 Right of survivorship
  A. Sums remaining on deposit at the death of a party to a joint account belong to the surviving party or parties as against the ...
• 6.1-125.6 Change of form of account upon written order to financial institution
  The provisions of § 6.1-125.5 as to rights of survivorship are determined by the form of the account at the death of a party. This ...
• 6.1-125.7 Transfers under { 6.1-125.5 nontestamentary
  Any transfers resulting from the application of § 6.1-125.5 are effective by reason of the account contracts involved and this statute and are not to ...
• 6.1-125.8 Liability of surviving party for debts, etc., of decedent's estate
  No multiple-party account will be effective against an estate of a deceased party to transfer to a survivor sums needed to pay debts, taxes, and ...
• 6.1-125.9 Financial institution protection
  Financial institutions may enter into multiple-party accounts to the same extent that they may enter into single-party accounts. Any multiple-party account may be paid, on ...
• 6.1-125.10 Same; payment of joint account
  Any sums in a joint account may be paid, on request, to any party without regard to whether any other party is incapacitated or deceased ...
• 6.1-125.11 Same; payment of P.O.D. account
  Any P.O.D. account may be paid, on request, to any original party to the account. Payment may be made, on request, to the P.O.D. payee ...
• 6.1-125.12 Same; payment of trust account
  Any trust account may be paid, on request, to any trustee. Unless the financial institution has received written notice that the beneficiary has a vested ...
• 6.1-125.13 Same; discharge
  Payment made pursuant to §§ 6.1-125.9 through 6.1-125.12 discharges the financial institution from all claims for amounts so paid whether or not the payment is ...
• 6.1-125.14 Same; setoff
  Without qualifying any other statutory right to setoff or lien and subject to any contractual provision, if a party to a multiple-party account is indebted ...
• 6.1-125.15 Identification of joint accounts
  A. Every financial institution in this Commonwealth offering joint accounts to its depositors shall either: 1. Maintain two separate forms for the creation of joint ...
• 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 ...
• 6.1-125.16 Effective date
  The provisions of this chapter shall be applicable to all multiple-party accounts, in every financial institution in this Commonwealth, on July 1, 1980, regardless of ...

Last modified: April 2, 2009