                                 CODE OF VIRGINIA

DISCHARGE OF FINANCIAL INSTITUTION UPON PAYMENT (§ 6.2-616)

A. Payment made pursuant to &#xA7;&#xA7; 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. 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 Unless the notice is withdrawn by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.

C. 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concerning the beneficial ownership of funds in, or withdrawn from,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.

D. 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.

HISTORY: 1979, c. 407, § 6.1-125.13; 2010, c. 794; 2020, c. 259.