Code of Virginia - Title 8.4A Commercial Code - Funds Transfers - Part 4 Payment

• 8.4A-401 Payment date
  "Payment date" of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiary's bank. ...
• 8.4A-402 Obligation of sender to pay receiving bank
  (a) This section is subject to §§ 8.4A-205 and 8.4A-207. (b) With respect to a payment order issued to the beneficiary's bank, acceptance of the ...
• 8.4A-403 Payment by sender to receiving bank
  (a) Payment of the sender's obligation under § 8.4A-402 to pay the receiving bank occurs as follows: (1) If the sender is a bank, payment ...
• 8.4A-404 Obligation of beneficiary's bank to pay and give notice to beneficiary
  (a) Subject to subsection (e) of § 8.4A-211, and subsections (d) and (e) of § 8.4A-405, if a beneficiary's bank accepts a payment order, the ...
• 8.4A-405 Payment by beneficiary's bank to beneficiary
  (a) If the beneficiary's bank credits an account of the beneficiary of a payment order, payment of the bank's obligation under subsection (a) of § ...
• 8.4A-406 Payment by originator to beneficiary; discharge of underlying obligation
  (a) Subject to subsection (e) of § 8.4A-211 and subsections (d) and (e) of § 8.4A-405, the originator of a funds transfer pays the beneficiary ...

Last modified: April 3, 2009