A. No member of a mutual savings institution shall be responsible for any losses that the savings account deposits shall not be sufficient to satisfy.

Terms Used In Virginia Code 6.2-1131

  • Account: means any account with a savings institution and includes a checking, time, interest, or savings account. See Virginia Code 6.2-1100
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Member: includes such persons with a joint and survivorship or other multiple owner or borrower relationship, which persons shall constitute a single membership for purposes of this chapter. See Virginia Code 6.2-1100
  • Mutual savings institution: means a savings institution that is organized and operated exclusively for the benefit of its members and that does not issue shares of capital stock. See Virginia Code 6.2-1100
  • Savings account: means an interest-bearing account not subject to withdrawal by check or other negotiable instrument. See Virginia Code 6.2-1100
  • Savings institution: means a savings and loan association, a building and loan association, or savings bank, whether organized as a capital stock corporation or a nonstock corporation, that is authorized by law to accept deposits and to hold itself out to the public as engaged in the savings institution business. See Virginia Code 6.2-1100

B. No savings account shall be subject to assessment for any unpaid installments on his account.

C. The holder of a savings account shall not be liable for any unpaid installments on his account.

D. No preference between savings account members of a mutual savings institution shall be created with respect to the distribution of assets upon voluntary or involuntary liquidation, dissolution, or winding up of such institution.

1985, c. 425, § 6.1-194.24; 2010, c. 794.

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