Ask Reggi Your Question Now
Can you summarize 6.2 VACV Chapter 8, Article 11?
Banks >
Short Summary
The provided legal document content covers three main aspects. Firstly, it states that any bank may pay the balance on deposit to the credit of a deceased person or a person under disability to their personal representative, curator, conservator, or committee upon presentation of a letter of qualification issued by an appropriate court. This transfer relieves the bank from liability for the deposit. Secondly, it allows convicts serving a sentence of one year or longer, with the written consent of the Director of the Department of Corrections, to have a bank account. The bank account is under the control of the Director of the Department of Corrections and a committee appointed under 53.1-221. Any deposit made by a convict is held exclusively for their benefit, and the bank is released from liability upon payment made from the deposit, unless instructed otherwise by the committee or the Director of the Department of Corrections. Lastly, the document permits banks to establish deposit accounts for minors, with the minor as the sole and absolute owner. The bank can receive deposits and honor withdrawal requests from the minor. Payments or deliveries made from the account to the minor, or payments made based on the minor’s written order, release the bank from liability. However, the parent or guardian of the minor cannot withdraw or transfer funds unless authorized by the minor. Additionally, the document provides protection to banks when dealing with fiduciary funds deposited in personal accounts, stating that the bank is not required to inquire about fiduciary obligations and can pay the deposited amount to the fiduciary upon withdrawal, unless the bank has actual knowledge of a breach or acts in bad faith. These provisions apply to banks, personal representatives, curators, conservators, committees, convicts, minors, parents or guardians, fiduciaries, agents, and principals.
Whom does it apply to?
Banks, personal representatives, curators, conservators, committees, convicts, minors, parents or guardians, fiduciaries, agents, and principals.
What does it govern?
The ability of banks to pay balances on deposit to deceased persons or persons under disability, the establishment of deposit accounts for minors, and the protection of banks when dealing with fiduciary funds deposited in personal accounts.
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Virginia