                                 CODE OF VIRGINIA

PROTECTION OF PAYORS AND OTHER THIRD PARTIES (§ 64.2-308.15)

A. Although under &#xA7; 64.2-308.6 a payment, item of property, or other
benefit is included in the decedent&#8217;s non-probate transfers to others, a
payor or other third party is not liable for having made a payment or
transferred an item of property or other benefit to a beneficiary designated in
a governing instrument, or for having taken any other action in good faith
reliance on the validity of a governing instrument, upon request and
satisfactory proof of the decedent&#8217;s death, before the payor or other
third party received written notice from the surviving spouse or spouse&#8217;s
representative as required by &#xA7; 64.2-308.12, that a complaint for the
elective share has been filed. A payor or other third party is liable for
payments made or other actions taken after the payor or other third party
received written notice that a complaint for the elective share has been filed.

B. A written notice that a complaint for the elective share has been filed must
be mailed to the payor&#8217;s or other third party&#8217;s main office or home
by registered or certified mail, return receipt requested, or served upon the
payor or other third party in the same manner as a summons in a civil action.
Upon receipt of written notice that a complaint for the elective share has been
filed, a payor or other third party may pay any amount owed or transfer or
deposit any item of property held by it to or with the court having jurisdiction
of the probate proceedings relating to the decedent&#8217;s estate. The court
shall hold the funds or item of property, and, upon its determination under
subsection D of &#xA7; 64.2-308.12, shall order disbursement in accordance with
the determination. If no complaint is filed in the court within the specified
time under subsection A of &#xA7; 64.2-308.12 or, if filed, the election for an
elective share is withdrawn under subsection C of &#xA7; 64.2-308.12, the court
shall order disbursement to the designated beneficiary. Payments or transfers to
the court or deposits made into court discharge the payor or other third party
from all claims for amounts so paid or the value of property so transferred or
deposited.

C. Upon complaint to the probate court by the beneficiary designated in a
governing instrument, the court may order that all or part of the property be
paid to the beneficiary in an amount and subject to conditions consistent with
this article.

HISTORY: 2016, cc. 187, 269.