Virginia Code 6.2-612: Financial institution duties; multiple-party accounts; multiple-fiduciary accounts
A. Financial institutions may enter into multiple-party accounts to the same extent that they may enter into single-party accounts. Any multiple-party account may be paid, on request, to any one or more of the parties. A financial institution shall not be required to inquire as to the source of funds received for deposit to a multiple-party account, or to inquire as to the proposed application of any sum withdrawn from an account, for purposes of establishing net contributions.
Terms Used In Virginia Code 6.2-612
- Account: means a contract of deposit of funds between a depositor and a financial institution, and includes a checking account, savings account, certificate of deposit, share account, and other similar arrangements. See Virginia Code 6.2-604
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: shall include any one or more of the following: (i) a fiduciary as defined in § 8. See Virginia Code 6.2-604
- Financial institution: means any entity authorized to do business under state or federal laws relating to financial institutions that is authorized to establish accounts, including, without limitation, banks, trust companies, savings institutions, and credit unions. See Virginia Code 6.2-604
- Multiple-fiduciary account: means a fiduciary account where more than one fiduciary is authorized to act. See Virginia Code 6.2-604
- Multiple-party account: means any of the following types of account: (i) a joint account, (ii) a P. See Virginia Code 6.2-604
- Request: means a proper request for withdrawal, or a check or order for payment, that complies with all conditions of the account, including special requirements concerning necessary signatures and regulations of the financial institution. See Virginia Code 6.2-604
B. Financial institutions may enter into multiple-fiduciary accounts with more than one fiduciary to the same extent that they may enter into fiduciary accounts with one fiduciary. Any multiple-fiduciary account may be paid, on request, to any one or more of the fiduciaries.