64.1-104.1 - Definitions. - Virginia Statutes

§ 64.1-104.1. Definitions.

As used in this chapter:

"Co-owners with right of survivorship" includes parties to a joint account,joint tenants, tenants by the entireties, and other co-owners of propertyheld under circumstances that entitle one or more to the whole of theproperty or account on the death of the other or others.

"Governing instrument" means a deed, will, trust, insurance or annuitypolicy, account with POD designation, security registered in beneficiary form(TOD), pension, profit-sharing, retirement, or similar benefit plan;instrument creating or exercising a power of appointment or a power ofattorney; or a donative, appointive, or nominative instrument of any othertype.

"Payor" means a trustee, insurer, business entity, employer, government,governmental agency, subdivision or instrumentality, or any other personauthorized or obligated by law or a governing instrument to make payments.

(1994, c. 475.)