6.2-1174 - (Effective October 1, 2010) Accounts of deceased or incompetent persons. - Virginia Statutes

§ 6.2-1174. (Effective October 1, 2010) Accounts of deceased or incompetentpersons.

A. A savings institution may pay funds held in the account of a deceasedperson or a person under disability to the personal representative,committee, conservator, guardian, or curator of such person upon proper proofof the appointment and qualification of such fiduciary. Any savingsinstitution making such payment shall not thereafter be liable for the amountthereof to any person. The presentation of a duly certified letter orcertificate of qualification as personal representative or other fiduciaryshall be conclusive proof of the jurisdiction of the court issuing the same.

B. A savings institution that has not received written notice and is not onactual notice that an account owner is deceased or has been adjudicatedincompetent may pay or deliver funds held in such person's account inaccordance with the provisions of the account contract without liability toany person for the amounts so paid or delivered.

(1972, c. 796, § 6.1-195.27; 1985, c. 425, § 6.1-194.57; 1997, c. 801; 2010,c. 794.)