§ 64.1-132.2. Payment or delivery of small asset by affidavit.
A. Any person having possession of a small asset shall pay or deliver thesmall asset to the designated successor of the decedent upon being presentedan affidavit made by all of the known successors stating:
1. That the value of the decedent's entire personal probate estate as of thedate of the decedent's death, wherever located, does not exceed $50,000;
2. That at least 60 days have elapsed since the decedent's death;
3. That no application for the appointment of a personal representative ispending or has been granted in any jurisdiction;
4. That the decedent's will, if any, was duly probated;
5. That the claiming successor is entitled to payment or delivery of thesmall asset, and the basis upon which such entitlement is claimed;
6. The names and addresses of all successors, to the extent known;
7. The name of each successor designated to receive payment or delivery ofthe small asset on behalf of all successors; and
8. That the designated successor shall have a fiduciary duty to safeguard andpromptly pay or deliver the small asset as required by the laws of theCommonwealth.
B. The designated successor may discharge his fiduciary duty to promptly payor deliver the small asset to a successor who is, or is reasonably believedto be, incapacitated or under a legal disability, by paying or delivering theasset directly to the incapacitated or disabled successor or applying it forsuch successor's benefit, or by:
1. Paying it to such successor's conservator or, if no conservator exists,guardian;
2. Paying it to such successor's custodian under the Virginia UniformTransfers to Minors Act (§ 31-37 et seq.) or custodial trustee under theUniform Custodial Trust Act (§ 55-34.1 et seq.), and, for that purpose,creating a custodianship or custodial trust;
3. If the designated successor does not know of a conservator, guardian,custodian, or custodial trustee, paying it to an adult relative or otherperson having legal or physical care or custody of such successor to beexpended on such successor's behalf; or
4. Managing it as a separate fund on such successor's behalf, subject to suchsuccessor's continuing right to withdraw the asset.
C. Any successor may be represented and bound under virtual representationprovisions of §§ 55-543.01, 55-543.03, and 55-543.04 with respect toaffidavits required and designations of persons to receive payment ordelivery of a small asset under this article.
D. A transfer agent of any security, upon the surrender of the certificates,if any, evidencing the security, shall change the registered ownership on thebooks of a corporation from the decedent to the designated successor upon thepresentation of an affidavit as provided in subsection A.
(1981, c. 281; 1996, c. 549; 2001, c. 368; 2006, c. 280; 2010, c. 269.)
§ 64.1-132.2. Payment or delivery of small asset by affidavit.
A. Any person having possession of a small asset shall pay or deliver thesmall asset to the designated successor of the decedent upon being presentedan affidavit made by all of the known successors stating:
1. That the value of the decedent's entire personal probate estate as of thedate of the decedent's death, wherever located, does not exceed $50,000;
2. That at least 60 days have elapsed since the decedent's death;
3. That no application for the appointment of a personal representative ispending or has been granted in any jurisdiction;
4. That the decedent's will, if any, was duly probated;
5. That the claiming successor is entitled to payment or delivery of thesmall asset, and the basis upon which such entitlement is claimed;
6. The names and addresses of all successors, to the extent known;
7. The name of each successor designated to receive payment or delivery ofthe small asset on behalf of all successors; and
8. That the designated successor shall have a fiduciary duty to safeguard andpromptly pay or deliver the small asset as required by the laws of theCommonwealth.
B. The designated successor may discharge his fiduciary duty to promptly payor deliver the small asset to a successor who is, or is reasonably believedto be, incapacitated or under a legal disability, by paying or delivering theasset directly to the incapacitated or disabled successor or applying it forsuch successor's benefit, or by:
1. Paying it to such successor's conservator or, if no conservator exists,guardian;
2. Paying it to such successor's custodian under the Virginia UniformTransfers to Minors Act (§ 31-37 et seq.) or custodial trustee under theUniform Custodial Trust Act (§ 55-34.1 et seq.), and, for that purpose,creating a custodianship or custodial trust;
3. If the designated successor does not know of a conservator, guardian,custodian, or custodial trustee, paying it to an adult relative or otherperson having legal or physical care or custody of such successor to beexpended on such successor's behalf; or
4. Managing it as a separate fund on such successor's behalf, subject to suchsuccessor's continuing right to withdraw the asset.
C. Any successor may be represented and bound under virtual representationprovisions of §§ 55-543.01, 55-543.03, and 55-543.04 with respect toaffidavits required and designations of persons to receive payment ordelivery of a small asset under this article.
D. A transfer agent of any security, upon the surrender of the certificates,if any, evidencing the security, shall change the registered ownership on thebooks of a corporation from the decedent to the designated successor upon thepresentation of an affidavit as provided in subsection A.
(1981, c. 281; 1996, c. 549; 2001, c. 368; 2006, c. 280; 2010, c. 269.)
§ 64.1-132.2. Payment or delivery of small asset by affidavit.
A. Any person having possession of a small asset shall pay or deliver thesmall asset to the designated successor of the decedent upon being presentedan affidavit made by all of the known successors stating:
1. That the value of the decedent's entire personal probate estate as of thedate of the decedent's death, wherever located, does not exceed $50,000;
2. That at least 60 days have elapsed since the decedent's death;
3. That no application for the appointment of a personal representative ispending or has been granted in any jurisdiction;
4. That the decedent's will, if any, was duly probated;
5. That the claiming successor is entitled to payment or delivery of thesmall asset, and the basis upon which such entitlement is claimed;
6. The names and addresses of all successors, to the extent known;
7. The name of each successor designated to receive payment or delivery ofthe small asset on behalf of all successors; and
8. That the designated successor shall have a fiduciary duty to safeguard andpromptly pay or deliver the small asset as required by the laws of theCommonwealth.
B. The designated successor may discharge his fiduciary duty to promptly payor deliver the small asset to a successor who is, or is reasonably believedto be, incapacitated or under a legal disability, by paying or delivering theasset directly to the incapacitated or disabled successor or applying it forsuch successor's benefit, or by:
1. Paying it to such successor's conservator or, if no conservator exists,guardian;
2. Paying it to such successor's custodian under the Virginia UniformTransfers to Minors Act (§ 31-37 et seq.) or custodial trustee under theUniform Custodial Trust Act (§ 55-34.1 et seq.), and, for that purpose,creating a custodianship or custodial trust;
3. If the designated successor does not know of a conservator, guardian,custodian, or custodial trustee, paying it to an adult relative or otherperson having legal or physical care or custody of such successor to beexpended on such successor's behalf; or
4. Managing it as a separate fund on such successor's behalf, subject to suchsuccessor's continuing right to withdraw the asset.
C. Any successor may be represented and bound under virtual representationprovisions of §§ 55-543.01, 55-543.03, and 55-543.04 with respect toaffidavits required and designations of persons to receive payment ordelivery of a small asset under this article.
D. A transfer agent of any security, upon the surrender of the certificates,if any, evidencing the security, shall change the registered ownership on thebooks of a corporation from the decedent to the designated successor upon thepresentation of an affidavit as provided in subsection A.
(1981, c. 281; 1996, c. 549; 2001, c. 368; 2006, c. 280; 2010, c. 269.)
