CODE OF VIRGINIA

ACCOUNTS OF DECEASED OR INCAPACITATED PERSON (§ 6.2-1365)

A. A credit union may pay any share balance due a deceased person or any person
under a disability to the personal representative, guardian, conservator,
curator, or committee of such person upon proper proof of the appointment and
qualification of such fiduciary. Such qualification shall be sufficient
authority for making such payment. A credit union making such payment shall no
longer be liable for the amount so paid to any person. The presentation of a
duly certified letter or certificate of qualification as personal
representative, or other fiduciary, guardian, conservator, curator, or committee
shall be conclusive proof of the jurisdiction of the court issuing the same.

B. A credit union that has received no written notice and does not have actual
notice that a member is deceased or has been adjudicated incapacitated, may pay
or deliver shares in such member’s account in accordance with the
provisions of the account contract without liability to any person for the
amounts so paid.

HISTORY: 1968, c. 560, § 6.1-208.3; 1990, c. 373, § 6.1-225.48; 1997, c. 801;
2010, c. 794.