§ 6.2-619 Certain duties of parties to joint accounts in financial institutions
A. Parties to a joint account in a financial institution occupy the relation of principal and agent as to each other, with each standing as a principal in regard to his ownership interest in the joint account and as agent in regard to the ownership interest of the other party. The provisions of the Uniform Power of Attorney Act (§ 64.2-1600 et seq.) shall apply to such principal/agent relationships.
B. For the purposes of this section, the ownership interest of the parties to the joint account shall be determined in accordance with the provisions of this article.
History
This law was first created in 1996. The record of its establishment is cataloged in chapter 260 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 2010, chapters 455, 632, and 794.
1996, c. 260, § 6.1-125.15:1; 2010, cc. 455, 632, 794.