For the purposes of this article, the following definitions apply:”Designated successor” means one or more successors who are designated pursuant to subdivision A 7 of § 64.2-601.”Person” means any individual, corporation, business trust, fiduciary, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, public corporation, or any other legal or commercial entity.”Small asset” means any indebtedness owed to or any asset belonging or presently distributable to the decedent, other than real property, having a value, on the date of the decedent’s death, of no more than $ 50,000. A small asset includes any bank account, savings institution account, credit union account, brokerage account, security, deposit, tax refund, overpayment, item of tangible personal property, or an instrument evidencing a debt, obligation, stock, or chose in action.”Successor” means any person, other than a creditor, who is entitled under the decedent’s will or the laws of intestacy to part or all of a small asset.

History

1981, c. 281, § 64.1-132.1; 2010, c. 269; 2012, c. 614.