Joint, Totten Trust, And P.O.D. Bank Accounts: Virginia Law Compared to the Uniform Probate Code
Johnson, J. Rodney
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Abstract
Litigation involving the survivorship rights of parties to joint accounts has been before the Supreme Court of Virginia on ten occasions since 1955. These ten cases, plus one older one, constitute all of Virginia's case law on this subject. Instead of attempting a chronological analysis of the development of this case law, it is proposed to state such rules as now exist and compare them with the results that would be obtained under the new Uniform Probate Code. In addition, attention will be focused on the statutes that deal with the rights of parties and financial institutions in deposit accounts to see how they compare with their counterparts under the UPC.
Finally, an attempt will be made to explore certain omissions in Virginia's law and to see what relief the UPC might provide.