CODE OF VIRGINIA

PAYMENT OR DELIVERY OF SMALL ASSET VALUED AT $25,000 OR LESS WITHOUT AFFIDAVIT
(§ 64.2-602)

A. Notwithstanding the provisions of § 64.2-601, any person having possession
of a small asset valued at $ 25,000 or less may pay or deliver the small asset
to any successor provided that:

   1.  At least 60 days have elapsed since the decedent’s death; and

   2.  No application for the appointment of a personal representative is pending
   or has been granted in any jurisdiction.

B. The designated successor shall have a fiduciary duty to safeguard and
promptly pay or deliver the small asset as required by the laws of the
Commonwealth to the other successors, if any.

HISTORY: 1981, c. 281, § 64.1-132.3; 2010, c. 269; 2012, c. 614; 2014, c. 532.