§ 6.2-605 — Applicability

Virginia § 6.2-605

• Jurisdiction: Virginia
• Title 6.2: Financial Institutions and Services
• Subtitle II: Depository Institutions and Trust Organizations
• Ch. 6: Deposits and Accounts
• Art. 2: Multiple-Party Accounts

Text

A. The provisions of §§ 6.2-606, 6.2-607, and 6.2-608 concerning beneficial ownership as between parties, or as between parties and P.O.D. payees or beneficiaries of multiple-party accounts, are relevant only to controversies between these persons and their creditors and other successors, and have no bearing on the power of withdrawal of these persons as determined by the terms of account contracts.

B. The provisions of §§ 6.2-612 through 6.2-617 govern the liability of financial institutions that make payments pursuant thereto, and their set-off rights, but shall have no effect on the beneficial ownership of or the power of withdrawal from the accounts between the parties or P.O.D. payees or beneficiaries of multiple-party accounts and shall have no effect on the fiduciary duties or obligations of fiduciaries under the governing instrument of multiple-fiduciary accounts.

Legislative History

1979, c. 407, § 6.1-125.2; 2010, c. 794; 2020, c. 259.