§ 64.1-140. Duty of fiduciaries as to joint accounts
A fiduciary charged with the administration of the estate of a decedent shall be under no obligation unless requested in writing by someone in interest, within six months from the date of the initial qualification on the estate, to assert a claim on behalf of the decedent's estate to any funds which may, at the time of his death, be on deposit in any financial institution in the name of said decedent and one or more other persons when the terms of the contract of deposit, or the laws of the state in which such funds are deposited, permit such financial institution to pay (1) to either of such persons, whether the other, or others, be living or not, or (2) to a named survivor or survivors.
The fiduciary, or his attorney, shall acknowledge receipt of such request in writing within ten days of receipt of such notice, and if the fiduciary be the same person as the surviving cotenant of such funds, said fiduciary shall segregate such funds, and place same in an interest-bearing account, awaiting an appropriate decree concerning the ultimate disposition of same, and said fiduciary-cotenant shall not use such funds for his own personal account.
If the fiduciary-cotenant accedes to the request that such funds be treated as estate funds, said fiduciary may distribute same according to law without any decree of court referred to above.
(Code 1950, § 64-131.1; 1966, c. 600; 1968, c. 656; 1970, c. 425.)
Sections: Previous 64.1-134 64.1-135 64.1-136 64.1-136.1 64.1-137 64.1-138 64.1-139 64.1-140 64.1-141 64.1-142 64.1-143 64.1-144 64.1-145 64.1-146 64.1-147 NextLast modified: April 3, 2009