64.1-132.3 - Payment or delivery of small asset valued at $15,000 or less without affidavit. - Virginia Statutes

§ 64.1-132.3. Payment or delivery of small asset valued at $15,000 or lesswithout affidavit.

A. Notwithstanding the provisions of § 64.1-132.2, any person havingpossession of a small asset valued at $15,000 or less may pay or deliver thesmall asset to any successor provided that:

1. At least 60 days have elapsed since the decedent's death; and

2. No application for the appointment of a personal representative is pendingor has been granted in any jurisdiction.

B. The designated successor shall have a fiduciary duty to safeguard andpromptly pay or deliver the small asset as required by the laws of theCommonwealth to the other successors, if any.

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