Code of Virginia - Title 8.4A Commercial Code - Funds Transfers - Part 2 Issue And Acceptance Of Payment Order
- 8.4A-201 Security procedure
"Security procedure" means a procedure established by agreement of a customer and a receiving bank for the purpose of (i) verifying that a payment order ...
- 8.4A-202 Authorized and verified payment orders
(a) A payment order received by the receiving bank is the authorized order of the person identified as sender if that person authorized the order ...
- 8.4A-203 Unenforceability of certain verified payment orders
(a) If an accepted payment order is not, under subsection (a) of § 8.4A-202, an authorized order of a customer identified as sender, but is ...
- 8.4A-204 Refund of payment and duty of customer to report with respect to unauthorized payment orde...
(a) If a receiving bank accepts a payment order issued in the name of its customer as sender which is (i) not authorized and not ...
- 8.4A-205 Erroneous payment orders
(a) If an accepted payment order was transmitted pursuant to a security procedure for the detection of error and the payment order (i) erroneously instructed ...
- 8.4A-206 Transmission of payment order through funds-transfer or other communication system
(a) If a payment order addressed to a receiving bank is transmitted to a funds-transfer system or other third-party communication system for transmittal to the ...
- 8.4A-207 Misdescription of beneficiary
(a) Subject to subsection (b) of this section, if, in a payment order received by the beneficiary's bank, the name, bank account number, or other ...
- 8.4A-208 Misdescription of intermediary bank or beneficiary's bank
(a) This subsection applies to a payment order identifying an intermediary bank or the beneficiary's bank only by an identifying number. (1) The receiving bank ...
- 8.4A-209 Acceptance of payment order
(a) Subject to subsection (d) of this section, a receiving bank other than the beneficiary's bank accepts a payment order when it executes the order. ...
- 8.4A-210 Rejection of payment order
(a) A payment order is rejected by the receiving bank by a notice of rejection transmitted to the sender orally, electronically, or in writing. A ...
- 8.4A-211 Cancellation and amendment of payment order
(a) A communication of the sender of a payment order cancelling or amending the order may be transmitted to the receiving bank orally, electronically, or ...
- 8.4A-212 Liability and duty of receiving bank regarding unaccepted payment order
If a receiving bank fails to accept a payment order that it is obliged by express agreement to accept, the bank is liable for breach ...
Last modified: April 3, 2009