Application of article to accounts existing on July 1, 1980

Va. Code Ann. § 6.2-620
in effect
Sign in to generate a plain English summaryAsk Belisarius Agent
A. Unless otherwise provided in this article, the provisions of this article shall be applicable to all multiple-party accounts in every financial institution in the Commonwealth on July 1, 1980, regardless of when such multiple-party accounts might have been opened or created. B. Nothing in this article shall affect the common-law presumption of convenience now existing between persons not married to each other in joint accounts that were created prior to July 1, 1980, insofar as the ownership of the funds, whenever deposited, during their joint lifetime or their right of survivorship therein are concerned. Issues regarding ownership of such funds shall continue to be decided pursuant to the precedents of the Virginia Supreme Court. 1979, c. 407, § 6.1-125.16; 2010, c. 794 .
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://law.lis.virginia.gov/vacode/6.2-620/Fetched: 10/17/2026

Starting a business in Virginia? Virginia LLC guide: costs and requirements