§ 64.1-104.7. Protection of payors, bona fide purchasers, and other thirdparties; personal liability of recipient.
A. Protection of payors and other third parties. A payor or other third partyis not liable for having made a payment or transferred an item of property orany other benefit to a beneficiary designated in a governing instrument who,under this chapter, is not entitled to the payment or item of property, orfor having taken any other action in good faith reliance on the beneficiary'sapparent entitlement under the terms of the governing instrument, before thepayor or other third party received written notice of a claimed lack ofentitlement under this chapter. A payor or other third party is liable for apayment made or other action taken after the payor or other third partyreceived written notice of a claimed lack of entitlement under this chapter.
Written notice of a claimed lack of entitlement shall be mailed to the mainoffice or home of the payor or other third party, or to the registered agentof either, by registered or certified mail, return receipt requested, orserved upon the payor or other third party in the same manner as process in acivil action. Upon receipt of the written notice of a claimed lack ofentitlement, a payor or other third party may pay any amount owed or transferor deposit any item of property held by it to or with the court havingjurisdiction of the probate proceedings relating to the decedent's estate, orif no proceedings have been commenced, to or with the court havingjurisdiction of probate proceedings relating to decedents' estates asprovided in § 64.1-75 or § 64.1-118. The court shall hold the funds or itemof property and, upon its determination under this chapter, shall orderdisbursement in accordance with the determination. Payments, transfers, ordeposits made to or with the court discharge the payor or other third partyfrom all claims for the value of amounts paid to or items of propertytransferred to or deposited with the court.
B. Protection of bona fide purchasers; personal liability of recipient. Aperson who purchases property for value and without notice, or who receives apayment or other item of property in partial or full satisfaction of alegally enforceable obligation, is neither obligated under this chapter toreturn the payment, item of property, or benefit, nor liable under thischapter for the amount of the payment or the value of the item of property orbenefit. But a person who, not for value, receives a payment, item ofproperty, or any other benefit to which the person is not entitled under thischapter, is obligated to return the payment, item of property, or benefit, oris personally liable for the amount of the payment or the value of the itemof property or benefit, to the person who is entitled to it under thischapter.
If this chapter or any part of this chapter is preempted by federal law withrespect to a payment, an item of property, or any other benefit covered bythis chapter, a person who, not for value, receives the payment, item ofproperty, or any other benefit to which the person is not entitled, isobligated to return the payment, item of property, or benefit, or ispersonally liable for the amount of the payment or the value of the item ofproperty or benefit, to the person who would have been entitled to it werethis chapter or part of this chapter not preempted.
§ 64.1-104.7. Protection of payors, bona fide purchasers, and other thirdparties; personal liability of recipient.
A. Protection of payors and other third parties. A payor or other third partyis not liable for having made a payment or transferred an item of property orany other benefit to a beneficiary designated in a governing instrument who,under this chapter, is not entitled to the payment or item of property, orfor having taken any other action in good faith reliance on the beneficiary'sapparent entitlement under the terms of the governing instrument, before thepayor or other third party received written notice of a claimed lack ofentitlement under this chapter. A payor or other third party is liable for apayment made or other action taken after the payor or other third partyreceived written notice of a claimed lack of entitlement under this chapter.
Written notice of a claimed lack of entitlement shall be mailed to the mainoffice or home of the payor or other third party, or to the registered agentof either, by registered or certified mail, return receipt requested, orserved upon the payor or other third party in the same manner as process in acivil action. Upon receipt of the written notice of a claimed lack ofentitlement, a payor or other third party may pay any amount owed or transferor deposit any item of property held by it to or with the court havingjurisdiction of the probate proceedings relating to the decedent's estate, orif no proceedings have been commenced, to or with the court havingjurisdiction of probate proceedings relating to decedents' estates asprovided in § 64.1-75 or § 64.1-118. The court shall hold the funds or itemof property and, upon its determination under this chapter, shall orderdisbursement in accordance with the determination. Payments, transfers, ordeposits made to or with the court discharge the payor or other third partyfrom all claims for the value of amounts paid to or items of propertytransferred to or deposited with the court.
B. Protection of bona fide purchasers; personal liability of recipient. Aperson who purchases property for value and without notice, or who receives apayment or other item of property in partial or full satisfaction of alegally enforceable obligation, is neither obligated under this chapter toreturn the payment, item of property, or benefit, nor liable under thischapter for the amount of the payment or the value of the item of property orbenefit. But a person who, not for value, receives a payment, item ofproperty, or any other benefit to which the person is not entitled under thischapter, is obligated to return the payment, item of property, or benefit, oris personally liable for the amount of the payment or the value of the itemof property or benefit, to the person who is entitled to it under thischapter.
If this chapter or any part of this chapter is preempted by federal law withrespect to a payment, an item of property, or any other benefit covered bythis chapter, a person who, not for value, receives the payment, item ofproperty, or any other benefit to which the person is not entitled, isobligated to return the payment, item of property, or benefit, or ispersonally liable for the amount of the payment or the value of the item ofproperty or benefit, to the person who would have been entitled to it werethis chapter or part of this chapter not preempted.
§ 64.1-104.7. Protection of payors, bona fide purchasers, and other thirdparties; personal liability of recipient.
A. Protection of payors and other third parties. A payor or other third partyis not liable for having made a payment or transferred an item of property orany other benefit to a beneficiary designated in a governing instrument who,under this chapter, is not entitled to the payment or item of property, orfor having taken any other action in good faith reliance on the beneficiary'sapparent entitlement under the terms of the governing instrument, before thepayor or other third party received written notice of a claimed lack ofentitlement under this chapter. A payor or other third party is liable for apayment made or other action taken after the payor or other third partyreceived written notice of a claimed lack of entitlement under this chapter.
Written notice of a claimed lack of entitlement shall be mailed to the mainoffice or home of the payor or other third party, or to the registered agentof either, by registered or certified mail, return receipt requested, orserved upon the payor or other third party in the same manner as process in acivil action. Upon receipt of the written notice of a claimed lack ofentitlement, a payor or other third party may pay any amount owed or transferor deposit any item of property held by it to or with the court havingjurisdiction of the probate proceedings relating to the decedent's estate, orif no proceedings have been commenced, to or with the court havingjurisdiction of probate proceedings relating to decedents' estates asprovided in § 64.1-75 or § 64.1-118. The court shall hold the funds or itemof property and, upon its determination under this chapter, shall orderdisbursement in accordance with the determination. Payments, transfers, ordeposits made to or with the court discharge the payor or other third partyfrom all claims for the value of amounts paid to or items of propertytransferred to or deposited with the court.
B. Protection of bona fide purchasers; personal liability of recipient. Aperson who purchases property for value and without notice, or who receives apayment or other item of property in partial or full satisfaction of alegally enforceable obligation, is neither obligated under this chapter toreturn the payment, item of property, or benefit, nor liable under thischapter for the amount of the payment or the value of the item of property orbenefit. But a person who, not for value, receives a payment, item ofproperty, or any other benefit to which the person is not entitled under thischapter, is obligated to return the payment, item of property, or benefit, oris personally liable for the amount of the payment or the value of the itemof property or benefit, to the person who is entitled to it under thischapter.
If this chapter or any part of this chapter is preempted by federal law withrespect to a payment, an item of property, or any other benefit covered bythis chapter, a person who, not for value, receives the payment, item ofproperty, or any other benefit to which the person is not entitled, isobligated to return the payment, item of property, or benefit, or ispersonally liable for the amount of the payment or the value of the item ofproperty or benefit, to the person who would have been entitled to it werethis chapter or part of this chapter not preempted.
