{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-616.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-616.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-616.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-616.html"}],"law_id":57312,"edition_id":1,"section_id":57312,"structure_id":14507,"section_number":"6.2-616","catch_line":"Discharge of financial institution upon payment","history":"1979, c. 407, \u00a7 6.1-125.13; 2010, c. 794; 2020, c. 259.","full_text":"A\n\nPayment made pursuant to §§ 6.2-612 through 6.2-615 discharges the financial institution from all claims for amounts so paid whether or not the payment is consistent with the beneficial ownership of the account as between parties, P.O.D. payees, beneficiaries, or fiduciaries, or their successors.B\n\nThe discharge provided by subsection A does not extend to payments made after a financial institution has received written notice from any party able to request present payment to the effect that withdrawals in accordance with the terms of the account should not be permitted. Unless the notice is withdrawn by the person giving it, or the successor of any deceased party has concurred in any demand for withdrawal, a discharge provided by subsection A shall not apply to withdrawals permitted by the financial institution.C\n\nNo other notice or any other information shown to have been available to a financial institution shall affect its right to the discharge provided by subsection A. The discharge provided by subsection A shall have no bearing on the rights of parties in disputes between themselves or their successors concerning the beneficial ownership of funds in, or withdrawn from, multiple-party accounts or multiple-fiduciary accounts.D\n\nIf any party, or the personal representative of any party, notifies the financial institution in writing not to permit withdrawals by any party, the financial institution may refuse, without liability, to allow any withdrawal pending the determination of the rights of the parties.","order_by":null,"text":{"0":{"id":209896,"text":"Payment made pursuant to §§ 6.2-612 through 6.2-615 discharges the financial institution from all claims for amounts so paid whether or not the payment is consistent with the beneficial ownership of the account as between parties, P.O.D. payees, beneficiaries, or fiduciaries, or their successors.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":209897,"text":"The discharge provided by subsection A does not extend to payments made after a financial institution has received written notice from any party able to request present payment to the effect that withdrawals in accordance with the terms of the account should not be permitted. Unless the notice is withdrawn by the person giving it, or the successor of any deceased party has concurred in any demand for withdrawal, a discharge provided by subsection A shall not apply to withdrawals permitted by the financial institution.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":209898,"text":"No other notice or any other information shown to have been available to a financial institution shall affect its right to the discharge provided by subsection A. The discharge provided by subsection A shall have no bearing on the rights of parties in disputes between themselves or their successors concerning the beneficial ownership of funds in, or withdrawn from, multiple-party accounts or multiple-fiduciary accounts.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":209899,"text":"If any party, or the personal representative of any party, notifies the financial institution in writing not to permit withdrawals by any party, the financial institution may refuse, without liability, to allow any withdrawal pending the determination of the rights of the parties.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-616\/","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":false,"refers_to":[{"id":59609,"section_number":"6.2-612","catch_line":"Financial institution duties; multiple-party accounts; multiple-fiduciary accounts","order_by":null,"url":"\/6.2-612\/"},{"id":59587,"section_number":"6.2-615","catch_line":"Payment of trust account","order_by":null,"url":"\/6.2-615\/"}],"permalink":{"id":264979,"object_type":"law","relational_id":57312,"identifier":"6.2-616","token":"6.2\/II\/6\/2\/6.2-616","url":"\/6.2-616\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-616\/","token":"6.2\/II\/6\/2\/6.2-616","dublin_core":{"Title":"Discharge of financial institution upon payment","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-616","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Payment made pursuant to §§ 6.2-612<\/a> through 6.2-615<\/a> discharges the financial institution<\/span> from all claims for amounts so paid whether or not the payment is consistent with the beneficial ownership of the account<\/span> as between parties, P.O.D. payees, beneficiaries, or fiduciaries, or their successors. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The discharge provided by subsection A does not extend to payments made after a financial institution<\/span> has received written notice from any party<\/span> able to request<\/span> present payment to the effect that withdrawals<\/span> in accordance with the terms of the account<\/span> should not be permitted. Unless the notice is withdrawn by the person<\/span> giving it, or the successor of any deceased party<\/span> has concurred in any demand for withdrawal<\/span>, a discharge provided by subsection A shall not apply to withdrawals<\/span> permitted by the financial institution<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> No other notice or any other information shown to have been available to a financial institution<\/span> shall affect its right to the discharge provided by subsection A. The discharge provided by subsection A shall have no bearing on the rights of parties in disputes between themselves or their successors concerning the beneficial ownership of funds in, or withdrawn from, multiple-party<\/span> accounts<\/span> or multiple-fiduciary accounts<\/span><\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> If any party<\/span>, or the personal representative of any party<\/span>, notifies the financial institution<\/span> in writing not to permit withdrawals<\/span> by any party<\/span>, the financial institution<\/span> may refuse, without liability, to allow any withdrawal<\/span> pending the determination of the rights of the parties. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDISCHARGE OF FINANCIAL INSTITUTION UPON PAYMENT (\u00a7 6.2-616)\n\nA. Payment made pursuant to §§ 6.2-612 through 6.2-615 discharges the\nfinancial institution from all claims for amounts so paid whether or not the\npayment is consistent with the beneficial ownership of the account as between\nparties, P.O.D. payees, beneficiaries, or fiduciaries, or their successors.\n\nB. The discharge provided by subsection A does not extend to payments made after\na financial institution has received written notice from any party able to\nrequest present payment to the effect that withdrawals in accordance with the\nterms of the account should not be permitted. Unless the notice is withdrawn by\nthe person giving it, or the successor of any deceased party has concurred in\nany demand for withdrawal, a discharge provided by subsection A shall not apply\nto withdrawals permitted by the financial institution.\n\nC. No other notice or any other information shown to have been available to a\nfinancial institution shall affect its right to the discharge provided by\nsubsection A. The discharge provided by subsection A shall have no bearing on\nthe rights of parties in disputes between themselves or their successors\nconcerning the beneficial ownership of funds in, or withdrawn from,\nmultiple-party accounts or multiple-fiduciary accounts.\n\nD. If any party, or the personal representative of any party, notifies the\nfinancial institution in writing not to permit withdrawals by any party, the\nfinancial institution may refuse, without liability, to allow any withdrawal\npending the determination of the rights of the parties.\n\nHISTORY: 1979, c. 407, \u00a7 6.1-125.13; 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}}