There is a newer version
of
this Section
2018 Code of Virginia
Title 6.2 - Financial Institutions and Services
Chapter 6 - Deposits and Accounts
§ 6.2-617. Setoff by financial institution against account
Universal Citation: VA Code § 6.2-617 (2018)
Without qualifying any other statutory right to setoff or lien, and subject to any contractual provision, if a party to a multiple-party account is indebted to a financial institution, the financial institution has a right to setoff against the account in which the party has or had immediately before his death a present right of withdrawal. The amount of the account subject to setoff is that proportion to which the debtor is, or was immediately before his death, beneficially entitled, and in the absence of proof of net contributions, to an equal share with all parties having present rights of withdrawal.
1979, c. 407, ยง 6.1-125.14; 2010, c. 794.
Disclaimer: These codes may not be the most recent version. Virginia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
