Virginia Code 6.2-615.1: Payment of multiple-fiduciary account.
Current as of: 2024 | Check for updates
|
Other versions
Any multiple-fiduciary account may be paid, on request, (i) to any one or more fiduciaries, including any successor fiduciary upon proof showing that the successor fiduciary is duly authorized to act, or (ii) at the direction of any one or more of the fiduciaries. In determining the trustees duly authorized to act, the financial institution may rely on a certification of trust provided pursuant to § 64.2-804.
Terms Used In Virginia Code 6.2-615.1
- 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 § 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
- 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
2020, c. 259.