6.2-620 - (Effective October 1, 2010) Application of article to accounts existing on July 1, 1980. - Virginia Statutes

§ 6.2-620. (Effective October 1, 2010) Application of article to accountsexisting on July 1, 1980.

A. Unless otherwise provided in this article, the provisions of this articleshall be applicable to all multiple-party accounts in every financialinstitution in the Commonwealth on July 1, 1980, regardless of when suchmultiple-party accounts might have been opened or created.

B. Nothing in this article shall affect the common-law presumption ofconvenience now existing between persons not married to each other in jointaccounts that were created prior to July 1, 1980, insofar as the ownership ofthe funds, whenever deposited, during their joint lifetime or their right ofsurvivorship therein are concerned. Issues regarding ownership of such fundsshall continue to be decided pursuant to the precedents of the VirginiaSupreme Court.

(1979, c. 407, § 6.1-125.16; 2010, c. 794.)