64.1-132.1 - Definitions. - Virginia Statutes

§ 64.1-132.1. Definitions.

For the purposes of this article, the following definitions apply:

"Designated successor" means one or more successors who are designatedpursuant to subdivision A 7 of § 64.1-132.2.

"Person" means any individual, corporation, business trust, fiduciary,estate, trust, partnership, limited liability company, association, jointventure, government, governmental subdivision, agency, or instrumentality,public corporation, or any other legal or commercial entity.

"Small asset" means any indebtedness owed to or any asset belonging orpresently distributable to the decedent, other than real property, having avalue, on the date of the decedent's death, of no more than $50,000. A smallasset includes any bank account, savings institution account, credit unionaccount, brokerage account, security, deposit, tax refund, overpayment, itemof tangible personal property, or an instrument evidencing a debt,obligation, stock, or chose in action.

"Successor" means any person, other than a creditor, who is entitled underthe decedent's will or the laws of intestacy to part or all of a small asset.

(1981, c. 281; 2010, c. 269.)