Code of Virginia - Title 8.4 Commercial Code - Bank Deposits And Collections - Part 2 Collection Of Items: Depositary And Collecting Banks
- 8.4-201 Status of collecting bank as agent and provisional status of credits; applicability of title; item ...
(a) Unless a contrary intent clearly appears and before the time that a settlement given by a collecting bank for an item is or becomes ...
- 8.4-202 Responsibility for collection or return; when action timely
(a) A collecting bank must exercise ordinary care in: (1) presenting an item or sending it for presentment; (2) sending notice of dishonor or nonpayment ...
- 8.4-203 Effect of instructions
Subject to Title 8.3A concerning conversion of instruments (§ 8.3A-420) and restrictive endorsements (§ 8.3A-206), only a collecting bank's transferor can give instructions that affect ...
- 8.4-204 Methods of sending and presenting; sending directly to payor bank
(a) A collecting bank shall send items by a reasonably prompt method, taking into consideration relevant instructions, the nature of the item, the number of ...
- 8.4-205 Description unavailable
Repealed by Acts 1992, c. 693, effective January 1, 1993. ...
- 8.4-205.1 Depositary bank holder of unendorsed item
If a customer delivers an item to a depositary bank for collection: (1) the depositary bank becomes a holder of the item at the time ...
- 8.4-206 Transfer between banks
Any agreed method that identifies the transferor bank is sufficient for the item's further transfer to another bank. (1964, c. 219; 1992, c. 693.) ...
- 8.4-207 Description unavailable
Repealed by Acts 1992, c. 693, effective January 1, 1993. ...
- 8.4-207.1 Transfer warranties
(a) A customer or collecting bank that transfers an item and receives a settlement or other consideration warrants to the transferee and to any subsequent ...
- 8.4-207.2 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 ...
- 8.4-207.3 Encoding and retention warranties
(a) A person who encodes information on or with respect to an item after issue warrants to any subsequent collecting bank and to the payor ...
- 8.4-208 Security interest of collecting bank in items, accompanying documents and proceeds
(a) A collecting bank has a security interest in an item and any accompanying documents or the proceeds of either: (1) in case of an ...
- 8.4-209 When bank gives value for purposes of holder in due course
For purposes of determining its status as a holder in due course, a bank has given value to the extent it has a security interest ...
- 8.4-210 Presentment by notice of item not payable by, through or at a bank; liability of drawer or endorse...
(a) Unless otherwise instructed, a collecting bank may present an item not payable by, through or at a bank by sending to the party to ...
- 8.4-211 Description unavailable
Repealed by Acts 1992, c. 693, effective January 1, 1993. ...
- 8.4-211.1 Medium and time of settlement by bank
(a) With respect to settlement by a bank, the medium and time of settlement may be prescribed by Federal Reserve regulations or circulars, clearing-house rules, ...
- 8.4-212 Right of charge-back or refund; liability of collecting banks; return of item
(a) If a collecting bank has made provisional settlement with its customer for an item and fails by reason of dishonor, suspension of payments by ...
- 8.4-213 Final payment of item by payor bank; when provisional debits and credits become final; when certai...
(a) An item is finally paid by a payor bank when the bank has first done any of the following: (1) paid the item in ...
- 8.4-214 Insolvency and preference
(a) If an item is in or comes into the possession of a payor or collecting bank that suspends payment and the item has not ...
Last modified: April 3, 2009