§ 64.2-602 Payment or delivery of small asset valued at $35,000 or less without affidavit
A. Notwithstanding the provisions of § 64.2-601, any person having possession of a small asset valued at $35,000 or less may pay or deliver the small asset to any successor provided that:
1. At least 60 days have elapsed since the decedent’s death; and
2. No application for the appointment of a personal representative is pending or has been granted in any jurisdiction.
B. The designated successor shall have a fiduciary duty to safeguard and promptly pay or deliver the small asset as required by the laws of the Commonwealth to the other successors, if any.
History
This law was first created in 1981. The record of its establishment is cataloged in chapter 281 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. Unfortunately, the 1981 “Acts” aren’t available online. It has been modified 4 times. 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. Those modifications are as follows: in 2010, chapter 269; in 2012, chapter 614; in 2014, chapter 532; in 2025, chapter 148.
1981, c. 281, § 64.1-132.3; 2010, c. 269; 2012, c. 614; 2014, c. 532; 2025, c. 148.