Ask Reggi Your Question Now
Can you summarize 8.3A VACV Part 1?
Commercial Code Negotiable Instruments >
Short Summary
This legal document, part of the Code of Virginia’s Commercial Code Negotiable Instruments, provides definitions and guidelines for determining the person to whom an instrument is payable. It states that the person to whom an instrument is initially payable is determined by the intent of the person signing as, or in the name or behalf of, the issuer of the instrument. The instrument is payable to the person intended by the signer, even if that person is identified in the instrument by a name or other identification that is not their own. If multiple signers do not intend the same person as payee, the instrument is payable to any person intended by one or more of the signers. The document also provides rules for determining the payee when the signature of the issuer is made by automated means, and it allows for various ways of identifying the person to whom an instrument is payable. Additionally, it addresses the payment of instruments to accounts, trusts, estates, representatives, funds, organizations, and offices. The document further explains the rules for instruments payable to multiple persons alternatively or not alternatively. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
This document applies to parties involved in negotiable instruments, including issuers, holders, and payees.
What does it govern?
This legal document, part of the Code of Virginia's Commercial Code Negotiable Instruments, governs the identification of the person to whom an instrument is payable. It also provides rules for determining the payee when the signature of the issuer is made by automated means, and it allows for various ways of identifying the person to whom an instrument is payable. Additionally, it addresses the payment of instruments to accounts, trusts, estates, representatives, funds, organizations, and offices.
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Virginia