6.2-617 - (Effective October 1, 2010) Setoff by financial institution against account. - Virginia Statutes

§ 6.2-617. (Effective October 1, 2010) Setoff by financial institutionagainst account.

Without qualifying any other statutory right to setoff or lien, and subjectto any contractual provision, if a party to a multiple-party account isindebted to a financial institution, the financial institution has a right tosetoff against the account in which the party has or had immediately beforehis death a present right of withdrawal. The amount of the account subject tosetoff is that proportion to which the debtor is, or was immediately beforehis death, beneficially entitled, and in the absence of proof of netcontributions, to an equal share with all parties having present rights ofwithdrawal.

(1979, c. 407, § 6.1-125.14; 2010, c. 794.)