Sections
Article 1 General Provisions. 6.2-600 – 6.2-603.1
Article 2 Multiple-Party Accounts. 6.2-604 – 6.2-620

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Terms Used In Virginia Code > Title 6.2 > Subtitle II > Chapter 6 - Deposits and Accounts

  • Abandoned: means no longer in service and physically disconnected from a portion of the underground utility line that is in use for storage or conveyance of service. See Virginia Code 56-265.15
  • 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
  • Advance directive: means (i) a witnessed written document, voluntarily executed by the declarant in accordance with the requirements of § Virginia Code 54.1-2982
  • Agent: means an adult appointed by the declarant under an advance directive, executed or made in accordance with the provisions of § Virginia Code 54.1-2982
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Arrest: Taking physical custody of a person by lawful authority.
  • 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.
  • Attending physician: means the primary physician who has responsibility for the health care of the patient. See Virginia Code 54.1-2982
  • Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
  • Baccalaureate: means that bachelor's degrees or more advanced degrees, or both, are granted. See Virginia Code 23.1-100
  • 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
  • Board: means the board of visitors of Eastern Virginia Medical School. See Virginia Code 23.1-3000
  • Board: means the Board of Agriculture and Consumer Services. See Virginia Code 3.2-100
  • Board: means the Board of Medicine. See Virginia Code 54.1-2900
  • Bonds: includes bonds, notes, revenue certificates, lease participation certificates, and other evidences of indebtedness, payment obligations, or deferred purchase financing arrangements. See Virginia Code 23.1-3000
  • Candidate: means a person who seeks or campaigns for an office of the Commonwealth or one of its governmental units in a general, primary, or special election and who is qualified to have his name placed on the ballot for the office. See Virginia Code 24.2-101
  • 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
  • Commission: shall mean the "State Corporation Commission. See Virginia Code 56-265.13:2
  • Commission: means the State Corporation Commission. See Virginia Code 56-1
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Contract: A legal written agreement that becomes binding when signed.
  • Contract locator: means any person contracted by an operator specifically to determine the approximate horizontal location of the operator's utility lines that may exist within the area specified by a locate request. See Virginia Code 56-265.15
  • 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.
  • Council: means the State Council of Higher Education for Virginia. See Virginia Code 23.1-100
  • Damage: means any impact upon or removal of support from an underground facility as a result of excavation or demolition which according to the operating practices of the operator would necessitate the repair of such facility. See Virginia Code 56-265.15
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Decedent: A deceased person.
  • Declarant: means an adult who makes an advance directive, as defined in this article, while capable of making and communicating an informed decision. See Virginia Code 54.1-2982
  • 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.
  • demolition: means any operation by which a structure or mass of material is wrecked, razed, rendered, moved, or removed by means of any tools, equipment, or discharge of explosives which could damage underground utility lines. See Virginia Code 56-265.15
  • Dependent: A person dependent for support upon another.
  • Designer: means any licensed professional designated by the project owner who designs government projects, commercial projects, residential projects consisting of 25 or more units, or industrial projects, which projects require the approval of governmental or regulatory authorities having jurisdiction over the project area. See Virginia Code 56-265.15
  • Devise: To gift property by will.
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Donor: The person who makes a gift.
  • Durable Do Not Resuscitate Order: means a written physician's order issued pursuant to § Virginia Code 54.1-2982
  • Election: means a general, primary, or special election. See Virginia Code 24.2-101
  • Emergency: means a sudden or unexpected occurrence involving a clear and imminent danger, demanding immediate action to prevent or mitigate loss of, or damage to, life, health, property, or essential public services. See Virginia Code 56-265.15
  • 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
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • 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.
  • Ex officio: Literally, by virtue of one's office.
  • Ex officio: means service by virtue of one's office and includes voting privileges for ex officio members unless otherwise provided. See Virginia Code 1-215
  • excavation: means any operation in which earth, rock, or other material in the ground is moved, removed, or otherwise displaced by means of any tools, equipment, or explosives and includes, without limitation, grading, trenching, digging, ditching, dredging, drilling, augering, tunneling, scraping, cable or pipe plowing and driving, wrecking, razing, rendering, moving, or removing any structure or mass of material. See Virginia Code 56-265.15
  • Executor: A male person named in a will to carry out the decedent
  • Exigent circumstances: means circumstances outside of an operator's or contract locator's, as described in subsection D of § Virginia Code 56-265.15
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • 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
  • 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 bank, trust company, savings institution, industrial loan association, consumer finance company, or credit union. See Virginia Code 6.2-100
  • 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
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC
  • 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
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Governing board: includes the State Board and the board of visitors of each baccalaureate public institution of higher education. See Virginia Code 23.1-100
  • 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.
  • Hand digging: means any excavation involving nonmechanized tools or equipment. See Virginia Code 56-265.15
  • Health care: means the furnishing of services to any individual for the purpose of preventing, alleviating, curing, or healing human illness, injury or physical disability, including but not limited to, medications; surgery; blood transfusions; chemotherapy; radiation therapy; admission to a hospital, nursing home, assisted living facility, or other health care facility; psychiatric or other mental health treatment; and life-prolonging procedures and palliative care. See Virginia Code 54.1-2982
  • 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 Virginia Code 1-257
  • Incapable of making an informed decision: means the inability of an adult patient, because of mental illness, intellectual disability, or any other mental or physical disorder that precludes communication or impairs judgment, to make an informed decision about providing, continuing, withholding or withdrawing a specific health care treatment or course of treatment because he is unable to understand the nature, extent or probable consequences of the proposed health care decision, or to make a rational evaluation of the risks and benefits of alternatives to that decision. See Virginia Code 54.1-2982
  • Includes: means includes, but not limited to. See Virginia Code 1-218
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • 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.
  • Locality: means a county, city, or town as the context may require. See Virginia Code 1-221
  • Locate request: means the completed delivery of information to the notification center requesting markings for a specified area of excavation or demolition and receipt of the same by the notification center in accordance with this chapter. See Virginia Code 56-265.15
  • Mail: includes electronic mail and other forms of electronic communication when the customer has requested or authorized electronic bill delivery or other electronic communications. See Virginia Code 56-1
  • Medical School: means the Eastern Virginia Medical School. See Virginia Code 23.1-3000
  • 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
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • Nonlegislative citizen member: means any natural person who is not a member of the General Assembly of Virginia. See Virginia Code 1-225
  • notification: means the completed delivery of information to the person to be notified, and the receipt of same by such person in accordance with this chapter. See Virginia Code 56-265.15
  • Notification center: means an organization whose membership is open to all operators of underground facilities located within the notification center's designated service area, which maintains a data base, provided by its member operators, that includes the geographic areas in which its member operators desire transmissions of notices of proposed excavation, and which has the capability to transmit, within one hour of receipt, notices of proposed excavation to member operators by electronic means. See Virginia Code 56-265.15
  • Operator: means any person who owns, furnishes or transports materials or services by means of a utility line. See Virginia Code 56-265.15
  • Oversight: Committee review of the activities of a Federal agency or program.
  • 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
  • Patient care consulting committee: means a committee duly organized by a facility licensed to provide health care under Virginia Code 54.1-2982
  • Persistent vegetative state: means a condition caused by injury, disease or illness in which a patient has suffered a loss of consciousness, with no behavioral evidence of self-awareness or awareness of surroundings in a learned manner, other than reflex activity of muscles and nerves for low level conditioned response, and from which, to a reasonable degree of medical probability, there can be no recovery. See Virginia Code 54.1-2982
  • Person: means any individual, operator, firm, joint venture, partnership, corporation, association, municipality, or other political subdivision, governmental unit, department or agency, and includes any trustee, receiver, assignee, or personal representative thereof. See Virginia Code 56-265.15
  • person: includes an individual, his executor, administrator, or other personal representative, or a corporation, partnership, association or any other legal or commercial entity, whether or not a citizen or domiciliary of the Commonwealth and whether or not organized under the laws of the Commonwealth. See Virginia Code 8.01-285
  • 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
  • Physician: means a person licensed to practice medicine in the Commonwealth of Virginia or in the jurisdiction where the health care is to be rendered or withheld. See Virginia Code 54.1-2982
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Positive response: means a code or phrase posted by an operator or locator to the notification center detailing the marking status of a locate request. See Virginia Code 56-265.15
  • Positive response system: means the excavator-operator information exchange system that is required by subsection E of § Virginia Code 56-265.15
  • 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
  • President pro tempore: A constitutionally recognized officer of the Senate who presides over the chamber in the absence of the Vice President. The President Pro Tempore (or, "president for a time") is elected by the Senate and is, by custom, the Senator of the majority party with the longest record of continuous service.
  • Private institution of higher education: includes each nonprofit private institution of higher education and proprietary private institution of higher education in the Commonwealth. See Virginia Code 23.1-100
  • Private sewer lateral: means a privately owned, legally authorized utility line that transports wastewater from one or more buildings to a sewer system utility line owned by a sewer system operator. See Virginia Code 56-265.15
  • process: shall be deemed to include notice;

    2. See Virginia Code 8.01-285

  • Process: includes subpoenas, the summons and complaint in a civil action, and process in statutory actions. See Virginia Code 1-237
  • Producer: means any person who has grown and sold small grains in the Commonwealth in the preceding three years. See Virginia Code 3.2-2200
  • Project: means any medical educational institution and medical facility, including colleges, schools, and divisions offering undergraduate and graduate programs for the health professions and sciences and such other courses of study as may be appropriate; medical and paramedical facilities; such other facilities deemed by the board as consistent with the powers and purposes of Eastern Virginia Medical School; all related and supporting facilities; and all necessary, desirable, or incidental lands, buildings, improvements, and other appurtenances and equipment. See Virginia Code 23.1-3000
  • 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
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Public institution of higher education: includes the System as a whole and each associate-degree-granting and baccalaureate public institution of higher education in the Commonwealth. See Virginia Code 23.1-100
  • Quorum: The number of legislators that must be present to do business.
  • Railroad: includes all railroad or railway lines, whether operated by steam, electricity, or other motive power, except when otherwise specifically designated. See Virginia Code 56-1
  • Rate: means rate charged for any service rendered or to be rendered. See Virginia Code 56-1
  • 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.
  • Recess: A temporary interruption of the legislative business.
  • regulation: include joint rates, joint charges and joint regulations, respectively. See Virginia Code 56-1
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • 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
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • return: shall be deemed to include the term "proof of service";

    3. See Virginia Code 8.01-285

  • Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
  • Service: shall mean any product or commodity furnished by a small water or sewer utility, as well as its equipment, apparatus, appliances and facilities devoted to the functions in which that utility is engaged to the use and accommodation of the public. See Virginia Code 56-265.13:2
  • Service of process: The service of writs or summonses to the appropriate party.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Sewer system: means a system of utility lines used for conveying wastewater, and includes sewer system laterals but does not include private sewer laterals. See Virginia Code 56-265.15
  • Sewer system lateral: means a lateral utility line located in the public right-of-way or public sewer easement, owned by a sewer system operator, and used to transport wastewater to the operator's main sewer line. See Virginia Code 56-265.15
  • Sewer system operator: means an operator of a sewer system. See Virginia Code 56-265.15
  • Sheriff: shall include deputy sheriffs and such other persons designated in § Virginia Code 8.01-2
  • Small grains: means barley, oats, rye, or wheat. See Virginia Code 3.2-2200
  • Soft digging: means any excavation using tools or equipment that utilize air or water pressure as the direct means to break up soil or earth for removal by vacuum excavation. See Virginia Code 56-265.15
  • 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
  • state agency: means the same as that term is defined in § Virginia Code 1-206
  • State Board: means the State Board for Community Colleges. See Virginia Code 23.1-100
  • Statute: A law passed by a legislature.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • 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
  • System: means the Virginia Community College System. See Virginia Code 23.1-100
  • 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
  • Terminal condition: means a condition caused by injury, disease or illness from which, to a reasonable degree of medical probability a patient cannot recover and (i) the patient's death is imminent or (ii) the patient is in a persistent vegetative state. See Virginia Code 54.1-2982
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Town: means any existing town or an incorporated community within one or more counties which became a town before noon, July 1, 1971, as provided by law or which has within defined boundaries a population of 1,000 or more and which has become a town as provided by law. See Virginia Code 1-254
  • 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.
  • United States: includes 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 1-255
  • Utility line: means any item of public or private property which is buried or placed below ground or submerged for use in connection with the storage or conveyance of water, sewage, telecommunications, electric energy, cable television, oil, petroleum products, gas, or other substances, and includes pipes, sewers, combination storm/sanitary sewer systems, conduits, cables, valves, lines, wires, manholes, attachments, and those portions of poles below ground. See Virginia Code 56-265.15
  • Venue: The geographical location in which a case is tried.
  • Water system: means a system of utility lines used for supplying water, and does not include private water laterals. See Virginia Code 56-265.15
  • Water system operator: means an operator of a water system. See Virginia Code 56-265.15
  • Willful: means an act done intentionally, knowingly, and purposely, without justifiable excuse, as distinguished from an act done carelessly, thoughtlessly, heedlessly or inadvertently. See Virginia Code 56-265.15
  • Withdrawal: includes payment to a third person pursuant to check or other directive of a party. See Virginia Code 6.2-604
  • Working day: means every day, except Saturdays, Sundays, and legal state and national holidays. See Virginia Code 56-265.15