6.2-1368 - (Effective October 1, 2010) Accounts of fiduciaries. - Virginia Statutes

§ 6.2-1368. (Effective October 1, 2010) Accounts of fiduciaries.

A credit union may issue shares and maintain share accounts in the name ofany person or entity eligible for membership in such credit union pursuant to§ 6.2-1327 as administrator, executor, custodian, conservator, guardian,trustee, or other fiduciary for a named beneficiary. The payment of fundsfrom any such account pursuant to a share draft or other written order ofwithdrawal signed by the fiduciary, the delivery of funds in such account tosuch fiduciary, or a receipt signed by any such fiduciary with regard to thepayment of funds from such account, shall be valid and sufficient release anddischarge of the credit union for the payment or delivery so made.

(2000, c. 744, § 6.1-225.50:1; 2010, c. 794.)