Code of Virginia - Title 8.4A Commercial Code - Funds Transfers - Part 3 Execution Of Sender's Payment Order By Receiving Bank

• 8.4A-301 Execution and execution date
  (a) A payment order is "executed" by the receiving bank when it issues a payment order intended to carry out the payment order received by ...
• 8.4A-302 Obligations of receiving bank in execution of payment order
  (a) Except as provided in subsections (b) through (d) of this section, if the receiving bank accepts a payment order pursuant to subsection (a) of ...
• 8.4A-303 Erroneous execution of payment order
  (a) A receiving bank that (i) executes the payment order of the sender by issuing a payment order in an amount greater than the amount ...
• 8.4A-304 Duty of sender to report erroneously executed payment order
  If the sender of a payment order that is erroneously executed as stated in § 8.4A-303 receives notification from the receiving bank that the order ...
• 8.4A-305 Liability for late or improper execution or failure to execute payment order
  (a) If a funds transfer is completed but execution of a payment order by the receiving bank in breach of § 8.4A-302 results in delay ...

Last modified: April 3, 2009