6.1-125.13 - (Repealed effective October 1, 2010) Same; discharge. - Virginia Statutes

§ 6.1-125.13. (Repealed effective October 1, 2010) Same; discharge.

Payment made pursuant to §§ 6.1-125.9 through 6.1-125.12 discharges thefinancial institution from all claims for amounts so paid whether or not thepayment is consistent with the beneficial ownership of the account as betweenparties, P.O.D. payees, or beneficiaries, or their successors. The protectionhere given does not extend to payments made after a financial institution hasreceived written notice from any party able to request present payment to theeffect that withdrawals in accordance with the terms of the account shouldnot be permitted. Unless the notice is withdrawn by the person giving it, thesuccessor of any deceased party must concur in any demand for withdrawal ifthe financial institution is to be protected under this section. No othernotice or any other information shown to have been available to a financialinstitution shall affect its right to the protection provided here. Theprotection here provided shall have no bearing on the rights of parties indisputes between themselves or their successors concerning the beneficialownership of funds in, or withdrawn from, multiple-party accounts. Should anyparty, or the personal representative of any party, notify the financialinstitution in writing not to permit withdrawals by any party, the financialinstitution may refuse, without liability, to allow any withdrawal pendingthe determination of the rights of the parties.

(1979, c. 407.)