Code of Virginia - Title 8.3A Commercial Code - Negotiable Instruments - Part 4 Liability Of Parties

  • 8.3A-401 Signature
    (a) A person is not liable on an instrument unless (i) the person signed the instrument, or (ii) the person is represented by an agent ...
  • 8.3A-402 Signature by representative
    (a) If a person acting, or purporting to act, as a representative signs an instrument by signing either the name of the represented person or ...
  • 8.3A-403 Unauthorized signature
    (a) Unless otherwise provided in this title or Title 8.4, an unauthorized signature is ineffective except as the signature of the unauthorized signer in favor ...
  • 8.3A-404 Impostors; fictitious payees
    (a) If an impostor, by use of the mails or otherwise, induces the issuer of an instrument to issue the instrument to the impostor, or ...
  • 8.3A-405 Employer's responsibility for fraudulent endorsement by employee
    (a) In this section: (1) "Employee" includes an independent contractor and employee of an independent contractor retained by the employer. (2) "Fraudulent endorsement" means (i) ...
  • 8.3A-406 Negligence contributing to forged signature or alteration of instrument
    (a) A person whose failure to exercise ordinary care substantially contributes to an alteration of an instrument or to the making of a forged signature ...
  • 8.3A-407 Alteration
    (a) "Alteration" means (i) an unauthorized change in an instrument that purports to modify in any respect the obligation of a party, or (ii) an ...
  • 8.3A-408 Drawee not liable on unaccepted draft
    A check or other draft does not of itself operate as an assignment of funds in the hands of the drawee available for its payment, ...
  • 8.3A-409 Acceptance of draft; certified check
    (a) "Acceptance" means the drawee's signed agreement to pay a draft as presented. It must be written on the draft and may consist of the ...
  • 8.3A-410 Acceptance varying draft
    (a) If the terms of a drawee's acceptance vary from the terms of the draft as presented, the holder may refuse the acceptance and treat ...
  • 8.3A-411 Refusal to pay cashier's checks, teller's checks, and certified checks
    (a) In this section, "obligated bank" means the acceptor of a certified check or the issuer of a cashier's check or teller's check bought from ...
  • 8.3A-412 Obligation of issuer of note or cashier's check
    The issuer of a note or cashier's check or other draft drawn on the drawer is obliged to pay the instrument (i) according to its ...
  • 8.3A-413 Obligation of acceptor
    (a) The acceptor of a draft is obliged to pay the draft (i) according to its terms at the time it was accepted, even though ...
  • 8.3A-414 Obligation of drawer
    (a) This section does not apply to cashier's checks or other drafts drawn on the drawer. (b) If an unaccepted draft is dishonored, the drawer ...
  • 8.3A-415 Obligation of endorser
    (a) Subject to subsections (b), (c), and (d) and to § 8.3A-419 (d), if an instrument is dishonored, an endorser is obliged to pay the ...
  • 8.3A-416 Transfer warranties
    (a) A person who transfers an instrument for consideration warrants to the transferee and, if the transfer is by endorsement, to any subsequent transferee that: ...
  • 8.3A-417 Presentment warranties
    (a) If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft, (i) the person ...
  • 8.3A-418 Payment or acceptance by mistake
    (a) Except as provided in subsection (c), if the drawee of a draft pays or accepts the draft and the drawee acted on the mistaken ...
  • 8.3A-419 Instruments signed for accommodation
    (a) If an instrument is issued for value given for the benefit of a party to the instrument ("accommodated party") and another party to the ...
  • 8.3A-420 Conversion of instrument
    (a) The law applicable to conversion of personal property applies to instruments. An instrument is also converted if it is taken by transfer, other than ...

Last modified: April 3, 2009