{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1172.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1172.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1172.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1172.html"}],"law_id":76647,"edition_id":1,"section_id":76647,"structure_id":14436,"section_number":"6.2-1172","catch_line":"Accounts issued in name of minor","history":"Code 1950, \u00a7 6-201.23; 1960, c. 402; 1966, c. 584, \u00a7 6.1-150; 1972, c. 796, \u00a7 6.1-195.25; 1985, c. 425, \u00a7 6.1-194.55; 2010, c. 794.","full_text":"A savings institution may issue accounts to a minor as sole and absolute owner of the account. With respect to any such account, a savings institution may (i) receive deposits by or for the minor owner, (ii) pay withdrawals, (iii) accept pledges to the association, and (iv) act in any other manner with respect to such accounts on the order of the minor owner. Any payment or delivery of funds from such account to its owner, or payment of a check or other written order for withdrawal signed by its minor owner, shall be a valid and sufficient release and discharge of the institution for any payment or delivery so made. The parent or guardian of the minor owner shall not in his capacity as parent or guardian have the power to withdraw or transfer funds in any such account unless the minor has given written notice to the association to accept the signature of such parent or guardian.","order_by":null,"text":{"0":{"id":275153,"text":"A savings institution may issue accounts to a minor as sole and absolute owner of the account. With respect to any such account, a savings institution may (i) receive deposits by or for the minor owner, (ii) pay withdrawals, (iii) accept pledges to the association, and (iv) act in any other manner with respect to such accounts on the order of the minor owner. Any payment or delivery of funds from such account to its owner, or payment of a check or other written order for withdrawal signed by its minor owner, shall be a valid and sufficient release and discharge of the institution for any payment or delivery so made. The parent or guardian of the minor owner shall not in his capacity as parent or guardian have the power to withdraw or transfer funds in any such account unless the minor has given written notice to the association to accept the signature of such parent or guardian.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14436,"edition_id":1,"name":"Accounts","identifier":"6","label":"article","depth":4,"order_by":1,"parent_id":13490,"metadata":{},"date_created":"2026-06-26 03:48:08","date_modified":"2026-06-26 03:48:08","permalink":{"id":264377,"object_type":"structure","relational_id":14436,"identifier":"6","token":"6.2\/II\/11\/6","url":"\/6.2\/II\/11\/6\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13490,"edition_id":1,"name":"Savings Institutions","identifier":"11","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:45:01","date_modified":"2026-06-26 03:45:01","permalink":{"id":264101,"object_type":"structure","relational_id":13490,"identifier":"11","token":"6.2\/II\/11","url":"\/6.2\/II\/11\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13000,"edition_id":1,"name":"Depository Institutions and Trust Organizations","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":263685,"object_type":"structure","relational_id":13000,"identifier":"II","token":"6.2\/II","url":"\/6.2\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12852,"edition_id":1,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":263249,"object_type":"structure","relational_id":12852,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":60070,"structure_id":14436,"section_number":"6.2-1166","catch_line":"Accounts of state savings institutions","url":"\/6.2-1166\/","token":"6.2\/II\/11\/6\/6.2-1166","metadata":false},{"id":72669,"structure_id":14436,"section_number":"6.2-1167","catch_line":"Rules governing withdrawal","url":"\/6.2-1167\/","token":"6.2\/II\/11\/6\/6.2-1167","metadata":false},{"id":72950,"structure_id":14436,"section_number":"6.2-1168","catch_line":"Redemption","url":"\/6.2-1168\/","token":"6.2\/II\/11\/6\/6.2-1168","metadata":false},{"id":67289,"structure_id":14436,"section_number":"6.2-1169","catch_line":"Accounts of savings institutions as legal investments and as security","url":"\/6.2-1169\/","token":"6.2\/II\/11\/6\/6.2-1169","metadata":false},{"id":69447,"structure_id":14436,"section_number":"6.2-1170","catch_line":"Deposits of federal taxes and U.S. Treasury tax and loan accounts","url":"\/6.2-1170\/","token":"6.2\/II\/11\/6\/6.2-1170","metadata":false},{"id":75969,"structure_id":14436,"section_number":"6.2-1171","catch_line":"Accounts under federal Self-Employed Individuals Tax Retirement Act and federal Employee Retirement Income Security Act of 1974 (P.L. 93-406, 88 Stat. 829)","url":"\/6.2-1171\/","token":"6.2\/II\/11\/6\/6.2-1171","metadata":false},{"id":76647,"structure_id":14436,"section_number":"6.2-1172","catch_line":"Accounts issued in name of minor","url":"\/6.2-1172\/","token":"6.2\/II\/11\/6\/6.2-1172","metadata":false},{"id":55801,"structure_id":14436,"section_number":"6.2-1173","catch_line":"Powers of attorney on accounts","url":"\/6.2-1173\/","token":"6.2\/II\/11\/6\/6.2-1173","metadata":false},{"id":73540,"structure_id":14436,"section_number":"6.2-1174","catch_line":"Accounts of deceased or incompetent persons","url":"\/6.2-1174\/","token":"6.2\/II\/11\/6\/6.2-1174","metadata":false},{"id":86347,"structure_id":14436,"section_number":"6.2-1175","catch_line":"Repealed","url":"\/6.2-1175\/","token":"6.2\/II\/11\/6\/6.2-1175","metadata":false},{"id":57143,"structure_id":14436,"section_number":"6.2-1176","catch_line":"Accounts of fiduciaries","url":"\/6.2-1176\/","token":"6.2\/II\/11\/6\/6.2-1176","metadata":false},{"id":58219,"structure_id":14436,"section_number":"6.2-1177","catch_line":"Savings institution need not inquire as to fiduciary funds deposited in fiduciary's personal account","url":"\/6.2-1177\/","token":"6.2\/II\/11\/6\/6.2-1177","metadata":false},{"id":66743,"structure_id":14436,"section_number":"6.2-1178","catch_line":"Accounts held by various trustees for same beneficiary","url":"\/6.2-1178\/","token":"6.2\/II\/11\/6\/6.2-1178","metadata":false}],"previous_section":{"id":75969,"structure_id":14436,"section_number":"6.2-1171","catch_line":"Accounts under federal Self-Employed Individuals Tax Retirement Act and federal Employee Retirement Income Security Act of 1974 (P.L. 93-406, 88 Stat. 829)","url":"\/6.2-1171\/","token":"6.2\/II\/11\/6\/6.2-1171","metadata":false},"next_section":{"id":55801,"structure_id":14436,"section_number":"6.2-1173","catch_line":"Powers of attorney on accounts","url":"\/6.2-1173\/","token":"6.2\/II\/11\/6\/6.2-1173","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1172\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 5 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1960, chapter 402; in 1966, chapter 584; in 1972, chapter 796; in 1985, chapter 425; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":264403,"object_type":"law","relational_id":76647,"identifier":"6.2-1172","token":"6.2\/II\/11\/6\/6.2-1172","url":"\/6.2-1172\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1172\/","token":"6.2\/II\/11\/6\/6.2-1172","dublin_core":{"Title":"Accounts issued in name of minor","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1172","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A savings institution<\/span> may issue<\/span> accounts<\/span> to a minor<\/span> as sole and absolute owner of the account<\/span>. With respect to any such account<\/span>, a savings institution<\/span> may (i) receive deposits by or for the minor<\/span> owner, (ii) pay withdrawals, (iii) accept pledges to the association<\/span>, and (iv) act in any other manner with respect to such accounts<\/span> on the order<\/span> of the minor<\/span> owner. Any payment or delivery of funds from such account<\/span> to its owner, or payment of a check or other written order<\/span> for withdrawal signed by its minor<\/span> owner, shall be a valid and sufficient release and discharge of the institution for any payment or delivery so made. The parent or guardian of the minor<\/span> owner shall not in his capacity as parent or guardian have the power to withdraw or transfer funds in any such account<\/span> unless the minor<\/span> has given written notice to the association<\/span> to accept the signature of such parent or guardian.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nACCOUNTS ISSUED IN NAME OF MINOR (\u00a7 6.2-1172)\n\nA savings institution may issue accounts to a minor as sole and absolute owner\nof the account. With respect to any such account, a savings institution may (i)\nreceive deposits by or for the minor owner, (ii) pay withdrawals, (iii) accept\npledges to the association, and (iv) act in any other manner with respect to\nsuch accounts on the order of the minor owner. Any payment or delivery of funds\nfrom such account to its owner, or payment of a check or other written order for\nwithdrawal signed by its minor owner, shall be a valid and sufficient release\nand discharge of the institution for any payment or delivery so made. The parent\nor guardian of the minor owner shall not in his capacity as parent or guardian\nhave the power to withdraw or transfer funds in any such account unless the\nminor has given written notice to the association to accept the signature of\nsuch parent or guardian.\n\nHISTORY: Code 1950, \u00a7 6-201.23; 1960, c. 402; 1966, c. 584, \u00a7 6.1-150; 1972,\nc. 796, \u00a7 6.1-195.25; 1985, c. 425, \u00a7 6.1-194.55; 2010, c. 794.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}