CHAPTER 230

An Act to amend the Code of Virginia by adding a section numbered
6-55.1 to provide for vesting of joint bank deposits of husband and
wife upon death of either spouse or divorce. [H 380]

Approved March 5, 1956

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia be amended by adding a section numbered
6-55.1 as follows:

§ 6-55.1. When a deposit has been made, or shall hereafter be made,
in any bank or trust company transacting business in this State, under
the names of a husband and wife, payable to either, or payable to the
survivor, such deposit, or any interest or dividend thereon, upon the
death of either husband or wife shall vest in the survivor. Upon the entry
of a decree of divorce, either a mensa et thoro or a vinculo matrimonii,
of the parties subsequent to the making of such deposit, and delivery of
a certified copy of such decree to the bank or trust company wherein such
deposit was made, the interests of said parties in such deposit shall be
as tenants in common, unless otherwise ordered by the court.

This section shall not apply to any proceeding pending in any court
in this State at the time of the effective date of this act.