State Codes and Statutes
Statutes > Virginia > Title-6-1 > Chapter-2-1 > 6-1-125-15-1§ 6.1-125.15:1. (Repealed effective October 1, 2010) Certain duties ofparties to joint bank accounts in financial institutions.
Parties to a joint account in a financial institution occupy the relation ofprincipal and agent as to each other, with each standing as a principal inregard to his ownership interest in the joint account and as agent in regardto the ownership interest of the other party. The provisions of the UniformPower of Attorney Act (§ 26-72 et seq.) shall apply to such principal/agentrelationships. For the purposes of this section, the definition of a jointaccount in a financial institution, and the ownership interest of the partiestherein, are determined in accordance with the provisions of this chapter.
(1996, c. 260; 2010, cc. 455, 632.)
