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Can you summarize 8.4A VACV Part 1?
Commercial Code Funds Transfers >
Short Summary
The ‘Commercial Code Funds Transfers’ document governs the time of receipt of payment orders and communications in funds transfers in the state of Virginia. It applies to receiving banks and senders of payment orders. The document establishes rules for determining the time of receipt, including the use of applicable notice receipt rules. Receiving banks have the authority to establish cut-off times for the receipt and processing of payment orders and communications. If a payment order or communication is received after the close of a funds-transfer business day or after the cut-off time, the receiving bank may treat it as received at the opening of the next funds-transfer business day. The document also addresses the treatment of non-business days for execution dates, payment dates, and required actions. It states that the next funds-transfer business day is considered the stated date or day, unless otherwise specified in the title. The regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal Reserve Banks take precedence over any inconsistent provisions in this title. The document provides definitions for various terms related to funds transfers, such as funds transfer, intermediary bank, originator, originator’s bank, and beneficiary. It clarifies that this title applies to funds transfers defined in 8.4A-104, except as otherwise provided in 8.4A-108. The document also references definitions from Title 8.4 and Title 8.1A. Overall, the ‘Commercial Code Funds Transfers’ document establishes a comprehensive framework for conducting funds transfers in Virginia, ensuring transparency and fairness in financial transactions involving banks and customers.
Whom does it apply to?
Receiving banks and senders of payment orders
What does it govern?
Time of receipt of payment orders and communications in funds transfers
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Virginia