Code of Virginia - Title 8.4 Commercial Code - Bank Deposits And Collections - Part 5 Collection Of Documentary Drafts

• 8.4-501 Handling of documentary drafts; duty to send for presentment and to notify customer of dishono...
  A bank that takes a documentary draft for collection shall present or send the draft and accompanying documents for presentment and upon learning that the ...
• 8.4-502 Presentment of "on arrival" drafts
  If a draft or the relevant instructions require presentment "on arrival," "when goods arrive" or the like, the collecting bank need not present until in ...
• 8.4-503 Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee ...
  Unless otherwise instructed and except as provided in Title 8.5A, a bank presenting a documentary draft: (1) must deliver the documents to the drawee on ...
• 8.4-504 Privilege of presenting bank to deal with goods; security interest for expenses
  (a) A presenting bank that, following the dishonor of a documentary draft, has seasonably requested instructions but does not receive them within a reasonable time ...

Last modified: April 3, 2009