6.2-619 - (Effective October 1, 2010) Certain duties of parties to joint accounts in financial institutions. - Virginia Statutes

§ 6.2-619. (Effective October 1, 2010) Certain duties of parties to jointaccounts in financial institutions.

A. Parties to a joint account in a financial institution occupy the relationof principal and agent as to each other, with each standing as a principal inregard to his ownership interest in the joint account and as agent in regardto the ownership interest of the other party. The provisions of the UniformPower of Attorney Act (§ 26-72 et seq.) shall apply to such principal/agentrelationships.

B. For the purposes of this section, the ownership interest of the parties tothe joint account shall be determined in accordance with the provisions ofthis article.

(1996, c. 260, § 6.1-125.15:1; 2010, cc. 455, 632, 794.)