6.1-125.8 - (Repealed effective October 1, 2010) Liability of surviving party for debts, etc., of decedent's estate. - Virginia Statutes

§ 6.1-125.8. (Repealed effective October 1, 2010) Liability of survivingparty for debts, etc., of decedent's estate.

No multiple-party account will be effective against an estate of a deceasedparty to transfer to a survivor sums needed to pay debts, taxes, and expensesof administration, including statutory allowances to the surviving spouse,minor children and dependent children, if other assets of the estate areinsufficient. A surviving party, P.O.D. payee, or beneficiary who receivespayment from a multiple-party account after the death of a deceased partyshall be liable to account to his personal representative for amounts thedecedent owned beneficially immediately before his death to the extentnecessary to discharge the claims and charges mentioned above remainingunpaid after application of the decedent's estate. No proceeding to assertthis liability shall be commenced unless the personal representative hasreceived a written demand by a surviving spouse, a creditor or one acting fora minor or dependent child of the decedent, and no proceeding shall becommenced later than two years following the death of the decedent. Sumsrecovered by the personal representative shall be administered as part of thedecedent's estate. This section shall not affect the right of a financialinstitution to make payment on multiple-party accounts according to the termsthereof, or make it liable to the estate of a deceased party unless beforepayment the institution has been served with process in a proceeding by thepersonal representative.

(1979, c. 407.)