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, § 6.1-125.14; 2010, c. 794.
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