Va. Code Ann. § 6.2-617
This is the official text of Va. Code Ann. § 6.2-617, part of Virginia’s Code of Virginia — the complete compiled statutory law of Virginia, organized into 60+ numbered titles by subject.
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Setoff by financial institution against account
Official statutory text
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 .
1979, c. 407, § 6.1-125.14; 2010, c. 794 .
Status: in_force · Read it on the official government site
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