6.2-1173 - (Effective October 1, 2010) Powers of attorney on accounts. - Virginia Statutes

§ 6.2-1173. (Effective October 1, 2010) Powers of attorney on accounts.

Any savings institution may continue to recognize the authority of anattorney-in-fact authorized in writing to manage or to make withdrawals,either in whole or in part, from any account until it receives written noticeor is on actual notice of the revocation of his authority. For the purposesof this section, written notice of death of the owner of the account shallconstitute written notice of revocation of the authority of his attorney.Written notice of the adjudication of incapacity of an account owner shallconstitute written notice of revocation of the authority of his attorneyunless under the laws of the Commonwealth the authority of theattorney-in-fact survives such adjudication. Payment of the account inaccordance with the provisions of this section shall constitute a fulldischarge and acquittance of the association as to such account.

(1972, c. 796, § 6.1-195.27; 1985, c. 425, § 6.1-194.56; 1997, c. 801; 2010,c. 794.)