{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-612.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-612.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-612.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-612.html"}],"law_id":59609,"edition_id":1,"section_id":59609,"structure_id":14507,"section_number":"6.2-612","catch_line":"Financial institution duties; multiple-party accounts; multiple-fiduciary accounts","history":"1979, c. 407, \u00a7 6.1-125.9; 2010, c. 794; 2020, c. 259.","full_text":"A\n\nFinancial institutions may enter into multiple-party accounts to the same extent that they may enter into single-party accounts. Any multiple-party account may be paid, on request, to any one or more of the parties. A financial institution shall not be required to inquire as to the source of funds received for deposit to a multiple-party account, or to inquire as to the proposed application of any sum withdrawn from an account, for purposes of establishing net contributions.B\n\nFinancial institutions may enter into multiple-fiduciary accounts with more than one fiduciary to the same extent that they may enter into fiduciary accounts with one fiduciary. Any multiple-fiduciary account may be paid, on request, to any one or more of the fiduciaries.","order_by":null,"text":{"0":{"id":218334,"text":"Financial institutions may enter into multiple-party accounts to the same extent that they may enter into single-party accounts. Any multiple-party account may be paid, on request, to any one or more of the parties. A financial institution shall not be required to inquire as to the source of funds received for deposit to a multiple-party account, or to inquire as to the proposed application of any sum withdrawn from an account, for purposes of establishing net contributions.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":218335,"text":"Financial institutions may enter into multiple-fiduciary accounts with more than one fiduciary to the same extent that they may enter into fiduciary accounts with one fiduciary. Any multiple-fiduciary account may be paid, on request, to any one or more of the fiduciaries.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":14507,"edition_id":1,"name":"Multiple-Party Accounts","identifier":"2","label":"article","depth":4,"order_by":1,"parent_id":13916,"metadata":{},"date_created":"2026-06-26 03:48:24","date_modified":"2026-06-26 03:48:24","permalink":{"id":264925,"object_type":"structure","relational_id":14507,"identifier":"2","token":"6.2\/II\/6\/2","url":"\/6.2\/II\/6\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13916,"edition_id":1,"name":"Deposits and Accounts","identifier":"6","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:46:17","date_modified":"2026-06-26 03:46:17","permalink":{"id":264901,"object_type":"structure","relational_id":13916,"identifier":"6","token":"6.2\/II\/6","url":"\/6.2\/II\/6\/","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":83499,"structure_id":14507,"section_number":"6.2-604","catch_line":"Definitions","url":"\/6.2-604\/","token":"6.2\/II\/6\/2\/6.2-604","metadata":false},{"id":60179,"structure_id":14507,"section_number":"6.2-605","catch_line":"Applicability","url":"\/6.2-605\/","token":"6.2\/II\/6\/2\/6.2-605","metadata":false},{"id":81600,"structure_id":14507,"section_number":"6.2-606","catch_line":"Ownership during lifetime; garnishment, attachment, or levy","url":"\/6.2-606\/","token":"6.2\/II\/6\/2\/6.2-606","metadata":false},{"id":59409,"structure_id":14507,"section_number":"6.2-607","catch_line":"Effect of divorce","url":"\/6.2-607\/","token":"6.2\/II\/6\/2\/6.2-607","metadata":false},{"id":70832,"structure_id":14507,"section_number":"6.2-608","catch_line":"Right of survivorship","url":"\/6.2-608\/","token":"6.2\/II\/6\/2\/6.2-608","metadata":false},{"id":69560,"structure_id":14507,"section_number":"6.2-609","catch_line":"Change of form of account upon written order to financial institution","url":"\/6.2-609\/","token":"6.2\/II\/6\/2\/6.2-609","metadata":false},{"id":65001,"structure_id":14507,"section_number":"6.2-610","catch_line":"Transfers arising from right of survivorship nontestamentary","url":"\/6.2-610\/","token":"6.2\/II\/6\/2\/6.2-610","metadata":false},{"id":66290,"structure_id":14507,"section_number":"6.2-611","catch_line":"Liability of surviving party for debts and other liabilities of decedent's estate","url":"\/6.2-611\/","token":"6.2\/II\/6\/2\/6.2-611","metadata":false},{"id":59609,"structure_id":14507,"section_number":"6.2-612","catch_line":"Financial institution duties; multiple-party accounts; multiple-fiduciary accounts","url":"\/6.2-612\/","token":"6.2\/II\/6\/2\/6.2-612","metadata":false},{"id":69238,"structure_id":14507,"section_number":"6.2-613","catch_line":"Payment of sums in joint account","url":"\/6.2-613\/","token":"6.2\/II\/6\/2\/6.2-613","metadata":false},{"id":72313,"structure_id":14507,"section_number":"6.2-614","catch_line":"Payment of P.O.D. account","url":"\/6.2-614\/","token":"6.2\/II\/6\/2\/6.2-614","metadata":false},{"id":59587,"structure_id":14507,"section_number":"6.2-615","catch_line":"Payment of trust account","url":"\/6.2-615\/","token":"6.2\/II\/6\/2\/6.2-615","metadata":false},{"id":74285,"structure_id":14507,"section_number":"6.2-615.1","catch_line":"Payment of multiple-fiduciary account","url":"\/6.2-615.1\/","token":"6.2\/II\/6\/2\/6.2-615.1","metadata":false},{"id":57312,"structure_id":14507,"section_number":"6.2-616","catch_line":"Discharge of financial institution upon payment","url":"\/6.2-616\/","token":"6.2\/II\/6\/2\/6.2-616","metadata":false},{"id":83292,"structure_id":14507,"section_number":"6.2-617","catch_line":"Setoff by financial institution against account","url":"\/6.2-617\/","token":"6.2\/II\/6\/2\/6.2-617","metadata":false},{"id":55925,"structure_id":14507,"section_number":"6.2-618","catch_line":"Identification of joint accounts","url":"\/6.2-618\/","token":"6.2\/II\/6\/2\/6.2-618","metadata":false},{"id":79522,"structure_id":14507,"section_number":"6.2-619","catch_line":"Certain duties of parties to joint accounts in financial institutions","url":"\/6.2-619\/","token":"6.2\/II\/6\/2\/6.2-619","metadata":false},{"id":66233,"structure_id":14507,"section_number":"6.2-620","catch_line":"Application of article to accounts existing on July 1, 1980","url":"\/6.2-620\/","token":"6.2\/II\/6\/2\/6.2-620","metadata":false}],"previous_section":{"id":66290,"structure_id":14507,"section_number":"6.2-611","catch_line":"Liability of surviving party for debts and other liabilities of decedent's estate","url":"\/6.2-611\/","token":"6.2\/II\/6\/2\/6.2-611","metadata":false},"next_section":{"id":69238,"structure_id":14507,"section_number":"6.2-613","catch_line":"Payment of sums in joint account","url":"\/6.2-613\/","token":"6.2\/II\/6\/2\/6.2-613","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-612\/","history_text":"

This law was first created in 1979. The record of its establishment is cataloged in chapter 407 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1979 \u201cActs\u201d aren\u2019t available online. It has been modified 2 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 2010, chapter 794<\/a>; in 2020, chapter 259<\/a>.<\/p>","references":[{"id":60179,"section_number":"6.2-605","catch_line":"Applicability","order_by":null,"url":"\/6.2-605\/"},{"id":57312,"section_number":"6.2-616","catch_line":"Discharge of financial institution upon payment","order_by":null,"url":"\/6.2-616\/"}],"refers_to":false,"permalink":{"id":264959,"object_type":"law","relational_id":59609,"identifier":"6.2-612","token":"6.2\/II\/6\/2\/6.2-612","url":"\/6.2-612\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-612\/","token":"6.2\/II\/6\/2\/6.2-612","dublin_core":{"Title":"Financial institution duties; multiple-party accounts; multiple-fiduciary accounts","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-612","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Financial institutions<\/span> may enter into multiple-party<\/span> accounts<\/span> to the same extent that they may enter into single-party<\/span> accounts. Any multiple-party<\/span> account<\/span> may be paid, on request<\/span>, to any one or more of the parties. A financial institution<\/span> shall not be required to inquire as to the source of funds received for deposit to a multiple-party<\/span> account<\/span>, or to inquire as to the proposed application of any sum withdrawn from an account, for purposes of establishing net contributions. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Financial institutions<\/span> may enter into multiple-fiduciary accounts<\/span><\/span> with more than one fiduciary to the same extent that they may enter into fiduciary accounts<\/span> with one fiduciary. Any multiple-fiduciary account<\/span><\/span> may be paid, on request<\/span>, to any one or more of the fiduciaries. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nFINANCIAL INSTITUTION DUTIES; MULTIPLE-PARTY ACCOUNTS; MULTIPLE-FIDUCIARY\nACCOUNTS (\u00a7 6.2-612)\n\nA. Financial institutions may enter into multiple-party accounts to the same\nextent that they may enter into single-party accounts. Any multiple-party\naccount may be paid, on request, to any one or more of the parties. A financial\ninstitution shall not be required to inquire as to the source of funds received\nfor deposit to a multiple-party account, or to inquire as to the proposed\napplication of any sum withdrawn from an account, for purposes of establishing\nnet contributions.\n\nB. Financial institutions may enter into multiple-fiduciary accounts with more\nthan one fiduciary to the same extent that they may enter into fiduciary\naccounts with one fiduciary. Any multiple-fiduciary account may be paid, on\nrequest, to any one or more of the fiduciaries.\n\nHISTORY: 1979, c. 407, \u00a7 6.1-125.9; 2010, c. 794; 2020, c. 259.","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}}