§ 6.2-604. (Effective October 1, 2010) Definitions.
As used in this article, unless the context requires a different meaning:
"Account" means a contract of deposit of funds between a depositor and afinancial institution, and includes a checking account, savings account,certificate of deposit, share account, and other similar arrangements.
"Beneficiary" means a person named in a trust account as one for whom aparty to the account is named as trustee.
"Financial institution" means any entity authorized to do business understate or federal laws relating to financial institutions that is authorizedto establish accounts, including, without limitation, banks, trust companies,savings institutions, and credit unions.
"Joint account" means an account payable on request to one or more of twoor more parties whether or not mention is made of any right of survivorship.
"Multiple-party account" means any of the following types of account: (i)a joint account, (ii) a P.O.D. account, or (iii) a trust account. The termdoes not include accounts established for deposit of funds of a partnership,joint venture, or other association for business purposes, or accountscontrolled by one or more persons as the duly authorized agent or trustee fora corporation, unincorporated association, charitable or civic organization,or a regular fiduciary or trust account where the relationship is establishedother than by deposit agreement.
"Net contribution" of a party to a joint account as of any given time isthe sum of all deposits thereto made by or for him, less all withdrawals madeby or for him which have not been paid to or applied to the use of any otherparty, plus a pro rata share of any interest or any dividends included in thecurrent balance. The term includes, in addition, any proceeds of deposit lifeinsurance added to the account by reason of the death of the party whose netcontribution is in question.
"Party" means a person who, by the terms of the account, has a presentright, subject to request, to payment from a multiple-party account. The termincludes a P.O.D. payee or beneficiary of a trust account only after theaccount becomes payable to him by reason of his surviving the original payeeor trustee. The term includes a guardian, conservator, personalrepresentative, or assignee, including an attaching creditor, of a party. Theterm also includes a person identified as a trustee of an account for anotherwhether or not a beneficiary is named, but it does not include any namedbeneficiary unless he has a present right of withdrawal.
"Payment," with respect to sums on deposit, includes withdrawal, paymenton check or other directive of a party, and any pledge of sums on deposit bya party and any setoff, or reduction or other disposition of all or part ofan account pursuant to a pledge.
"P.O.D. account" means an account payable on request to one person duringhis lifetime and on his death to one or more P.O.D. payees, or to one or morepersons during their lifetimes and on the death of all of them to one or moreP.O.D. payees.
"P.O.D. payee" means a person designated on a P.O.D. account as one towhom the account is payable on request after the death of one or more persons.
"Proof of death" includes a death certificate; a certificate ofqualification upon a decedent's estate; or an authenticated copy of anyrecord or report of a governmental agency, domestic or foreign, that a personis dead.
"Request" means a proper request for withdrawal, or a check or order forpayment, that complies with all conditions of the account, including specialrequirements concerning necessary signatures and regulations of the financialinstitution. If the financial institution conditions withdrawal or payment onadvance notice, for purposes of this article the request for withdrawal orpayment is treated as immediately effective and a notice of intent towithdraw is treated as a request for withdrawal.
"Sums on deposit" means the balance payable on a multiple-party accountincluding interest, dividends, and in addition any deposit life insuranceproceeds added to the account by reason of the death of a party.
"Trust account" means an account in the name of one or more parties astrustee for one or more beneficiaries where the relationship is establishedby the form of the account and the deposit agreement with the financialinstitution and there is no subject of the trust other than the sums ondeposit in the account, without regard to whether payment to the beneficiaryis mentioned in the deposit agreement. The term does not include (i) aregular trust account under a testamentary trust or a trust agreement thathas significance apart from the account or (ii) a fiduciary account arisingfrom a fiduciary relationship such as an attorney-client relationship.
"Withdrawal" includes payment to a third person pursuant to check or otherdirective of a party.
§ 6.2-604. (Effective October 1, 2010) Definitions.
As used in this article, unless the context requires a different meaning:
"Account" means a contract of deposit of funds between a depositor and afinancial institution, and includes a checking account, savings account,certificate of deposit, share account, and other similar arrangements.
"Beneficiary" means a person named in a trust account as one for whom aparty to the account is named as trustee.
"Financial institution" means any entity authorized to do business understate or federal laws relating to financial institutions that is authorizedto establish accounts, including, without limitation, banks, trust companies,savings institutions, and credit unions.
"Joint account" means an account payable on request to one or more of twoor more parties whether or not mention is made of any right of survivorship.
"Multiple-party account" means any of the following types of account: (i)a joint account, (ii) a P.O.D. account, or (iii) a trust account. The termdoes not include accounts established for deposit of funds of a partnership,joint venture, or other association for business purposes, or accountscontrolled by one or more persons as the duly authorized agent or trustee fora corporation, unincorporated association, charitable or civic organization,or a regular fiduciary or trust account where the relationship is establishedother than by deposit agreement.
"Net contribution" of a party to a joint account as of any given time isthe sum of all deposits thereto made by or for him, less all withdrawals madeby or for him which have not been paid to or applied to the use of any otherparty, plus a pro rata share of any interest or any dividends included in thecurrent balance. The term includes, in addition, any proceeds of deposit lifeinsurance added to the account by reason of the death of the party whose netcontribution is in question.
"Party" means a person who, by the terms of the account, has a presentright, subject to request, to payment from a multiple-party account. The termincludes a P.O.D. payee or beneficiary of a trust account only after theaccount becomes payable to him by reason of his surviving the original payeeor trustee. The term includes a guardian, conservator, personalrepresentative, or assignee, including an attaching creditor, of a party. Theterm also includes a person identified as a trustee of an account for anotherwhether or not a beneficiary is named, but it does not include any namedbeneficiary unless he has a present right of withdrawal.
"Payment," with respect to sums on deposit, includes withdrawal, paymenton check or other directive of a party, and any pledge of sums on deposit bya party and any setoff, or reduction or other disposition of all or part ofan account pursuant to a pledge.
"P.O.D. account" means an account payable on request to one person duringhis lifetime and on his death to one or more P.O.D. payees, or to one or morepersons during their lifetimes and on the death of all of them to one or moreP.O.D. payees.
"P.O.D. payee" means a person designated on a P.O.D. account as one towhom the account is payable on request after the death of one or more persons.
"Proof of death" includes a death certificate; a certificate ofqualification upon a decedent's estate; or an authenticated copy of anyrecord or report of a governmental agency, domestic or foreign, that a personis dead.
"Request" means a proper request for withdrawal, or a check or order forpayment, that complies with all conditions of the account, including specialrequirements concerning necessary signatures and regulations of the financialinstitution. If the financial institution conditions withdrawal or payment onadvance notice, for purposes of this article the request for withdrawal orpayment is treated as immediately effective and a notice of intent towithdraw is treated as a request for withdrawal.
"Sums on deposit" means the balance payable on a multiple-party accountincluding interest, dividends, and in addition any deposit life insuranceproceeds added to the account by reason of the death of a party.
"Trust account" means an account in the name of one or more parties astrustee for one or more beneficiaries where the relationship is establishedby the form of the account and the deposit agreement with the financialinstitution and there is no subject of the trust other than the sums ondeposit in the account, without regard to whether payment to the beneficiaryis mentioned in the deposit agreement. The term does not include (i) aregular trust account under a testamentary trust or a trust agreement thathas significance apart from the account or (ii) a fiduciary account arisingfrom a fiduciary relationship such as an attorney-client relationship.
"Withdrawal" includes payment to a third person pursuant to check or otherdirective of a party.
§ 6.2-604. (Effective October 1, 2010) Definitions.
As used in this article, unless the context requires a different meaning:
"Account" means a contract of deposit of funds between a depositor and afinancial institution, and includes a checking account, savings account,certificate of deposit, share account, and other similar arrangements.
"Beneficiary" means a person named in a trust account as one for whom aparty to the account is named as trustee.
"Financial institution" means any entity authorized to do business understate or federal laws relating to financial institutions that is authorizedto establish accounts, including, without limitation, banks, trust companies,savings institutions, and credit unions.
"Joint account" means an account payable on request to one or more of twoor more parties whether or not mention is made of any right of survivorship.
"Multiple-party account" means any of the following types of account: (i)a joint account, (ii) a P.O.D. account, or (iii) a trust account. The termdoes not include accounts established for deposit of funds of a partnership,joint venture, or other association for business purposes, or accountscontrolled by one or more persons as the duly authorized agent or trustee fora corporation, unincorporated association, charitable or civic organization,or a regular fiduciary or trust account where the relationship is establishedother than by deposit agreement.
"Net contribution" of a party to a joint account as of any given time isthe sum of all deposits thereto made by or for him, less all withdrawals madeby or for him which have not been paid to or applied to the use of any otherparty, plus a pro rata share of any interest or any dividends included in thecurrent balance. The term includes, in addition, any proceeds of deposit lifeinsurance added to the account by reason of the death of the party whose netcontribution is in question.
"Party" means a person who, by the terms of the account, has a presentright, subject to request, to payment from a multiple-party account. The termincludes a P.O.D. payee or beneficiary of a trust account only after theaccount becomes payable to him by reason of his surviving the original payeeor trustee. The term includes a guardian, conservator, personalrepresentative, or assignee, including an attaching creditor, of a party. Theterm also includes a person identified as a trustee of an account for anotherwhether or not a beneficiary is named, but it does not include any namedbeneficiary unless he has a present right of withdrawal.
"Payment," with respect to sums on deposit, includes withdrawal, paymenton check or other directive of a party, and any pledge of sums on deposit bya party and any setoff, or reduction or other disposition of all or part ofan account pursuant to a pledge.
"P.O.D. account" means an account payable on request to one person duringhis lifetime and on his death to one or more P.O.D. payees, or to one or morepersons during their lifetimes and on the death of all of them to one or moreP.O.D. payees.
"P.O.D. payee" means a person designated on a P.O.D. account as one towhom the account is payable on request after the death of one or more persons.
"Proof of death" includes a death certificate; a certificate ofqualification upon a decedent's estate; or an authenticated copy of anyrecord or report of a governmental agency, domestic or foreign, that a personis dead.
"Request" means a proper request for withdrawal, or a check or order forpayment, that complies with all conditions of the account, including specialrequirements concerning necessary signatures and regulations of the financialinstitution. If the financial institution conditions withdrawal or payment onadvance notice, for purposes of this article the request for withdrawal orpayment is treated as immediately effective and a notice of intent towithdraw is treated as a request for withdrawal.
"Sums on deposit" means the balance payable on a multiple-party accountincluding interest, dividends, and in addition any deposit life insuranceproceeds added to the account by reason of the death of a party.
"Trust account" means an account in the name of one or more parties astrustee for one or more beneficiaries where the relationship is establishedby the form of the account and the deposit agreement with the financialinstitution and there is no subject of the trust other than the sums ondeposit in the account, without regard to whether payment to the beneficiaryis mentioned in the deposit agreement. The term does not include (i) aregular trust account under a testamentary trust or a trust agreement thathas significance apart from the account or (ii) a fiduciary account arisingfrom a fiduciary relationship such as an attorney-client relationship.
"Withdrawal" includes payment to a third person pursuant to check or otherdirective of a party.
