Virginia § 6.2-617 Setoff by financial institution against account

Virginia Statutes

§ 6.2-617 — Setoff by financial institution against account

Virginia § 6.2-617

JurisdictionVirginia

Title 6.2FINANCIAL INSTITUTIONS AND SERVICES

Subtitle IIDEPOSITORY INSTITUTIONS AND TRUST ORGANIZATIONS

Ch. 6DEPOSITS AND ACCOUNTS

Art. 2MULTIPLE-PARTY ACCOUNTS

This text of Virginia § 6.2-617 (Setoff by financial institution against account) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 6.2-617 (2026).

Text

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 to a financial institution, the financial institution has a right to setoff against the account in which the party has or had immediately before his death a present right of withdrawal. The amount of the account subject to setoff is that proportion to which the debtor is, or was immediately before his death, beneficially entitled, and in the absence of proof of net contributions, to an equal share with all parties having present rights of withdrawal.

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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 to a financial institution, the financial institution has a right to setoff against the account in which the party has or had immediately before his death a present right of withdrawal. The amount of the account subject to setoff is that proportion to which the debtor is, or was immediately before his death, beneficially entitled, and in the absence of proof of net contributions, to an equal share with all parties having present rights of withdrawal.