                                 CODE OF VIRGINIA

APPLICATION OF ARTICLE TO ACCOUNTS EXISTING ON JULY 1, 1980 (§ 6.2-620)

A. Unless otherwise provided in this article, the provisions of this article
shall be applicable to all multiple-party accounts in every financial
institution in the Commonwealth on July 1, 1980, regardless of when such
multiple-party accounts might have been opened or created.

B. Nothing in this article shall affect the common-law presumption of
convenience now existing between persons not married to each other in joint
accounts that were created prior to July 1, 1980, insofar as the ownership of
the funds, whenever deposited, during their joint lifetime or their right of
survivorship therein are concerned. Issues regarding ownership of such funds
shall continue to be decided pursuant to the precedents of the Virginia Supreme
Court.

HISTORY: 1979, c. 407, § 6.1-125.16; 2010, c. 794.