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2008 SESSION
084514784Be it enacted by the General Assembly of Virginia:
1. That §§ 6.1-71, 6.1-194.58, 6.1-225.49, and 26-12.3 of the Code of Virginia are amended and reenacted as follows:
§ 6.1-71. Payment of small balance to distributees or other persons.
When the balance in any bank to the credit of a deceased
person, upon whose estate there shall have been no qualification, does not
exceed $15,000 $50,000,
it shall be lawful for such bank, after sixty days from the death of such
person, to pay such balance to his or her spouse, and if none, to the
distributees of the decedent or other persons entitled thereto under the laws
of this Commonwealth. The receipt therefor shall be a full discharge and
acquittance to such bank to all persons whomsoever on account of such deposit.
Such sum, not exceeding the amount given priority by § 64.1-157, after thirty
days from the death of such person, at the request of the consort, or if no
consort, then the distributees of the decedent or other persons entitled under
the laws of this Commonwealth, may be paid to the undertaker or mortuary
handling the funeral of such decedent and a receipt of the payee shall be a
full and final release of the payor.
§ 6.1-194.58. Payment of small balances to distributees or other persons.
When the account of a deceased person upon whose estate there
has been no qualification does not exceed $15,000 $50,000,
it shall be lawful for a savings institution, after sixty days from the death
of such person, to pay such balance to his or her spouse, and if none, to the
distributees of the decedent or other persons entitled thereto under the laws
of the Commonwealth, whose receipt therefor shall be a full discharge and
acquittance of the institution as to all persons on account of such account.
Such balance or any part thereof not to exceed the amount given a priority
under the provisions of § 64.1-157 after thirty days from the death of such
person, at the written request of the spouse, or if there is none, then of the
distributees of the decedent or other persons entitled thereto under the laws
of the Commonwealth, may be paid to the undertaker or mortuary handling the
funeral of such decedent and a receipt of the payee shall be a full and final
release of the institution.
§ 6.1-225.49. Payment of small balances to distributees or other persons.
When the share balance of a deceased person upon whose estate
there has been no qualification does not exceed $15,000 $50,000,
it shall be lawful for the credit union, after sixty days from the death of
such person, to pay such balance to his or her spouse, and if none, to the
distributees of the decedent or other persons entitled thereto under the laws
of this Commonwealth. The receipt therefor shall be a full discharge of the
credit union for the amount so paid. Such balance or any part thereof shall not
exceed the amount given a priority by § 64.1-157 after thirty days from the death
of such person. Upon the written request of the spouse, or if there is none,
the distributees of the decedent or other persons entitled thereto under the
laws of the Commonwealth the balance may be paid to the funeral director or
mortuary handling the funeral of such decedent. A receipt of the payee shall be
a full and final release of the credit union for the amount so paid.
§ 26-12.3. Waiver of inventory and settlement for certain estates.
When a decedent's personal estate passing by testate or
intestate succession does not exceed $15,000 $50,000
in value and an heir, beneficiary or creditor whose claim exceeds the value of
such estate seeks qualification, the clerk shall waive inventory under § 26-12
and settlement under § 26-17.3. This section shall not apply if the decedent
died owning any real estate over which the person seeking qualification would
have the power of sale.