6.1-125.5 - (Repealed effective October 1, 2010) Right of survivorship.
§ 6.1-125.5. (Repealed effective October 1, 2010) Right of survivorship.
A. Sums remaining on deposit at the death of a party to a joint accountbelong to the surviving party or parties as against the estate of thedecedent unless there is clear and convincing evidence of a differentintention at the time the account is created. If there are two or moresurviving parties, their respective ownerships during lifetime shall be inproportion to their previous ownership interests under § 6.1-125.3 augmentedby an equal share for each survivor of any interest the decedent may haveowned in the account immediately before his death; and the right ofsurvivorship continues between the surviving parties.
B. If the account is a P.O.D. account:
1. On the death of one of two or more original payees the rights to any sumsremaining on deposit are governed by subsection A of this section;
2. On the death of the sole original payee or of the survivor of two or moreoriginal payees, any sums remaining on deposit belong to the P.O.D. payee orpayees if surviving, or to the survivor of them if one or more die before theoriginal payee; if two or more P.O.D. payees survive, there is no right ofsurvivorship in the event of death of a P.O.D. payee thereafter unless theterms of the account or deposit agreement expressly provide for survivorshipbetween them.
C. If the account is a trust account:
1. On the death of one of two or more trustees, the rights to any sumsremaining on deposit are governed by subsection A of this section;
2. On the death of the sole trustee or the survivor of two or more trustees,any sums remaining on deposit belong to the person or persons named asbeneficiaries, if surviving, or to the survivor of them if one or more diebefore the trustee, unless there is clear evidence of a contrary intent; iftwo or more beneficiaries survive, there is no right of survivorship in eventof death of any beneficiary thereafter unless the terms of the account ordeposit agreement expressly provide for survivorship between them.
D. In other cases, the death of any party to a multiple-party account has noeffect on beneficial ownership of the account other than to transfer therights of the decedent as part of his estate. If the terms of the accountclearly indicate that there is no right of survivorship, the estate of adecedent party shall succeed to the rights of decedent in such account.
E. A right of survivorship arising from the express terms of the account orunder this section, a beneficiary designation in a trust account, or a P.O.D.payee designation, cannot be changed by will.
(1979, c. 407; 1981, c. 53.)