CHAPTER 600

An Act to amend the Code of Virginia by adding a section numbered
§ 6.1-77 and to amend and reenact § 64-181.1 of the Code of Virginia,
relating to the liability of certain depositories and fiduciaries, re-
spectively, upon the death of a depositor when the account 1s in the
name of the depositor and certain others.

(H 498]
Approved April 5, 1966

Be it enacted. by the General Assembly of Virginia:

1. That the Code of Virginia be amended by adding thereto a section
numbered § 6.1-77 and that § 64-131.1 of the Code of Virginia be amended
and reenacted as follows:

§ 6.1-77. A deposit in the name of a depositor payable on his death
to a named survivor or survivors may be paid to the named depositor
during his lifetime and the receipt of the named depositor shall be a
complete release of the bank or trust company for such payment. Upon
the death of the depositor, the bank or trust company may pay the
deposit to the survivor or survivors, whether any such survivors be a
minor at the time or not, and the receipt of the survivor or survivors shall
be a complete release of the bank or trust company. If the survivor be the
spouse of the named depositor at the time of the death of the named
depositor, such deposit shall vest in such surviving spouse. No bank or
trust company paying to such survivor or survivors shall become lable
for any estate or inheritance taxes. The term “deposit” shall include
certificate of deposit.

§ 64-131.1. Personal representatives, or other fiduciaries charged
with the administration of the estate of a decedent shall be under no obli-
gation unless requested in writing by someone in interest to assert a claim
on behalf of their decedent’s estate to any funds which may, at the time
of his death, be on deposit in any bank, trust company, or other depository,
in the name of said decedent and one or more other persons when
the terms of the contract of deposit, or the laws of the state in which
such funds are deposited, permit such bank, trust company or other de-
pository to pay (1) to either of such persons, whether the other, or others,
be living or not, or (2) to a named survivor or survivors.