CODE OF VIRGINIA

DEFINITIONS (§ 64.2-600)

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.