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of funds received for deposit to a multiple-party account, or to inquire as to the proposed application of any sum withdrawn from an account, for purposes of establishing net contributions.
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.
1979, c. 407, § 6.1-125.9; 2010, c. 794; 2020, c. 259.
Structure Code of Virginia
Title 6.2 - Financial Institutions and Services
Chapter 6 - Deposits and Accounts
§ 6.2-601. Federal insurance of deposits required for all banks or savings institutions
§ 6.2-602. Adverse claims to accounts
§ 6.2-603. Medical savings accounts and health savings accounts
§ 6.2-603.1. Savings promotions
§ 6.2-606. Ownership during lifetime; garnishment, attachment, or levy
§ 6.2-608. Right of survivorship
§ 6.2-609. Change of form of account upon written order to financial institution
§ 6.2-610. Transfers arising from right of survivorship nontestamentary
§ 6.2-611. Liability of surviving party for debts and other liabilities of decedent's estate
§ 6.2-612. Financial institution duties; multiple-party accounts; multiple-fiduciary accounts
§ 6.2-613. Payment of sums in joint account
§ 6.2-614. Payment of P.O.D. account
§ 6.2-615. Payment of trust account
§ 6.2-615.1. Payment of multiple-fiduciary account
§ 6.2-616. Discharge of financial institution upon payment
§ 6.2-617. Setoff by financial institution against account
§ 6.2-618. Identification of joint accounts
§ 6.2-619. Certain duties of parties to joint accounts in financial institutions
§ 6.2-620. Application of article to accounts existing on July 1, 1980