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1997 SESSION
Be it enacted by the General Assembly of Virginia:
1. That §§ 6.1-71, 6.1-194.58 and 6.1-225.49 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, shall not exceed
$5,000 $10,000, 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 $5,000 $10,000, 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 $5,000 $10,000, 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.