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Can you summarize 8.3A VACV Part 2?
Commercial Code Negotiable Instruments >
Short Summary
This legal document, found in the Code of Virginia under the Commercial Code Negotiable Instruments, governs the use of restrictive endorsements on negotiable instruments. It states that an endorsement limiting payment to a particular person or prohibiting further transfer or negotiation of the instrument is not effective to prevent such actions. Additionally, an endorsement stating a condition for the right of the endorsee to receive payment does not affect the endorsee’s right to enforce the instrument. The document also provides rules for different scenarios involving endorsements, such as when an instrument is endorsed to a particular bank for collection or deposit. It clarifies the rights and liabilities of various parties involved in the transfer or negotiation of the instrument. The document further addresses endorsements made by an endorsee as an agent, trustee, or fiduciary, and the rules applicable to purchasers and subsequent transferees of such instruments. Overall, this legal document establishes the rules and principles surrounding restrictive endorsements on negotiable instruments in the state of Virginia.
Whom does it apply to?
Parties involved in the transfer or negotiation of negotiable instruments in the state of Virginia
What does it govern?
Restrictive endorsements on negotiable instruments
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Virginia