Terms Used In Virginia Code > Title 6.2 > Subtitle II > Chapter 6 > Article 2 - Multiple-Party Accounts

• 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
• Adult: means a person 18 years of age or more. See Virginia Code 1-203
• Annual report: means the report required to be filed by a guardian pursuant to § 64. See Virginia Code 64.2-2000
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Beneficiary: means a person named in a trust account as one for whom a party to the account is named as trustee. See Virginia Code 6.2-604
• City: means an independent incorporated community which became a city as provided by law before noon on July 1, 1971, or which has within defined boundaries a population of 5,000 or more and which has become a city as provided by law. See Virginia Code 1-208
• Clerk of court: An officer appointed by the court to work with the chief judge in overseeing the court's administration, especially to assist in managing the flow of cases through the court and to maintain court records.
• Conservator: includes (i) a local or regional program designated by the Department for Aging and Rehabilitative Services as a public conservator pursuant to Article 6 (§ 51. See Virginia Code 64.2-2000
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Dependent: A person dependent for support upon another.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Entity: means any corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or other legal or commercial entity. See Virginia Code 6.2-100
• Estate: includes both real and personal property. See Virginia Code 64.2-2000
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Facility: means a state or licensed hospital, training center, psychiatric hospital, or other type of residential or outpatient mental health or mental retardation facility. See Virginia Code 64.2-2000
• 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
• Fiduciary account: means (i) an estate account for a decedent, (ii) an account established by one or more agents under a power of attorney or an existing account of a principal to which one or more agents under a power of attorney are added, (iii) an account established by one or more conservators, (iv) an account established by one or more committees, (v) a regular trust account under a testamentary trust or a trust agreement that has significance apart from the account, or (vi) an account arising from a fiduciary relationship such as an attorney-client relationship. 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
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Guardian: means a person appointed by the court who has the powers and duties set out in § 64. See Virginia Code 64.2-2000
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Guardian ad litem: means an attorney appointed by the court to represent the interests of the respondent and whose duties include evaluation of the petition for guardianship or conservatorship and filing a report with the court pursuant to § 64. See Virginia Code 64.2-2000
• IEP: means a plan or program developed annually to ensure that a child who has a disability identified under the law and is attending an elementary or secondary educational institution receives specialized instruction and related services as provided by 20 U. See Virginia Code 64.2-2000
• in writing: include any representation of words, letters, symbols, numbers, or figures, whether (i) printed or inscribed on a tangible medium or (ii) stored in an electronic or other medium and retrievable in a perceivable form and whether an electronic signature authorized by Chapter 42. See Virginia Code 1-257
• Incapacitated person: means an adult who has been found by a court to be incapable of receiving and evaluating information effectively or responding to people, events, or environments to such an extent that the individual lacks the capacity to (i) meet the essential requirements for his health, care, safety, or therapeutic needs without the assistance or protection of a guardian or (ii) manage property or financial affairs or provide for his support or for the support of his legal dependents without the assistance or protection of a conservator. See Virginia Code 64.2-2000
• Includes: means includes, but not limited to. See Virginia Code 1-218
• individual: means a current direct recipient of public or private mental health, developmental, or substance abuse treatment, rehabilitation, or habilitation services and includes the terms "consumer" "patient" "resident" "recipient" or "client. See Virginia Code 64.2-2000
• Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
• Joint account: means an account payable on request to one or more of two or more parties whether or not mention is made of any right of survivorship. See Virginia Code 6.2-604
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Limited conservator: means a person appointed by the court who has only those responsibilities for managing the estate and financial affairs of an incapacitated person as specified in the order of appointment. See Virginia Code 64.2-2000
• Limited guardian: means a person appointed by the court who has only those responsibilities for the personal affairs of an incapacitated person as specified in the order of appointment. See Virginia Code 64.2-2000
• Mental illness: means a disorder of thought, mood, emotion, perception, or orientation that significantly impairs judgment, behavior, capacity to recognize reality, or ability to address basic life necessities and requires care and treatment for the health, safety, or recovery of the individual or for the safety of others. See Virginia Code 64.2-2000
• Month: means a calendar month and "year" means a calendar year. See Virginia Code 1-223
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• 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
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Party: means a person who, by the terms of the account, has a present right, subject to request, to payment from a multiple-party account, including a fiduciary account. See Virginia Code 6.2-604
• Person: shall include individuals, a trust, an estate, a partnership, an association, an order, a corporation, or any other legal or commercial entity;

  6. See Virginia Code 8.01-2

• Person: means any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or other legal or commercial entity. See Virginia Code 6.2-100
• Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
• Personal property: All property that is not real property.
• Personal representative: includes the executor of a will or the administrator of the estate of a decedent, the administrator of such estate with the will annexed, the administrator of such estate unadministered by a former representative, whether there is a will or not, any person who is under the order of a circuit court to take into his possession the estate of a decedent for administration, and every other curator of a decedent's estate, for or against whom suits may be brought for causes of action that accrued to or against the decedent. See Virginia Code 1-234
• Petition: means the document filed with a circuit court to initiate a proceeding to appoint a guardian or conservator. See Virginia Code 64.2-2000
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Process: includes subpoenas, the summons and complaint in a civil action, and process in statutory actions. See Virginia Code 1-237
• Proof of death: includes a death certificate; a certificate of qualification upon a decedent's estate; or an authenticated copy of any record or report of a governmental agency, domestic or foreign, that a person is dead. See Virginia Code 6.2-604
• Property: includes both real and personal property. See Virginia Code 64.2-2000
• real estate: includes lands, tenements and hereditaments, and all rights and appurtenances thereto and interests therein, other than a chattel interest. See Virginia Code 1-219
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• 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
• Respondent: means an allegedly incapacitated person for whom a petition for guardianship or conservatorship has been filed. See Virginia Code 64.2-2000
• Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
• Sheriff: shall include deputy sheriffs and such other persons designated in § 15. See Virginia Code 8.01-2
• State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
• Summons: Another word for subpoena used by the criminal justice system.
• Sums on deposit: means the balance payable on a multiple-party account, including a fiduciary account, including interest, dividends, and in addition any deposit life insurance proceeds added to the account by reason of the death of a party. See Virginia Code 6.2-604
• Supreme Court: means the Supreme Court of Virginia. See Virginia Code 1-249
• Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
• Transition plan: means the plan that is required as part of the IEP used to help students and families prepare for the future after the student reaches the age of majority. See Virginia Code 64.2-2000
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trust account: means an account in the name of one or more parties as trustee for one or more beneficiaries where the relationship is established by the form of the account and the deposit agreement with the financial institution and there is no subject of the trust other than the sums on deposit in the account, without regard to whether payment to the beneficiary is mentioned in the deposit agreement. See Virginia Code 6.2-604
• Trustee: A person or institution holding and administering property in trust.
• Venue: The geographical location in which a case is tried.
• Verdict: The decision of a petit jury or a judge.
• Withdrawal: includes payment to a third person pursuant to check or other directive of a party. See Virginia Code 6.2-604