6.1-125.14 - (Repealed effective October 1, 2010) Same; setoff.
§ 6.1-125.14. (Repealed effective October 1, 2010) Same; setoff.
Without qualifying any other statutory right to setoff or lien and subject toany contractual provision, if a party to a multiple-party account is indebtedto a financial institution, the financial institution has a right to setoffagainst the account in which the party has or had immediately before hisdeath a present right of withdrawal. The amount of the account subject tosetoff is that proportion to which the debtor is, or was immediately beforehis death, beneficially entitled, and in the absence of proof of netcontributions, to an equal share with all parties having present rights ofwithdrawal.
(1979, c. 407.)