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Can you summarize 8.4A VACV Part 4?
Commercial Code Funds Transfers >
Short Summary
This legal document governs the payment by a beneficiary’s bank to the beneficiary in the context of funds transfers. It outlines the conditions under which the beneficiary’s bank fulfills its obligation to the beneficiary. Payment occurs when the beneficiary is notified of the right to withdraw the credit, when the bank lawfully applies the credit to a debt of the beneficiary, or when funds with respect to the order are otherwise made available to the beneficiary by the bank. If the beneficiary’s bank does not credit the beneficiary’s account, the time of payment is determined by general principles of law. The document also addresses the enforceability of conditions to payment or agreements between the beneficiary and the beneficiary’s bank. Additionally, it discusses provisional payments made to beneficiaries through a funds-transfer system and the consequences if settlement is not completed. Overall, this document provides guidance on the timing and conditions of payment by a beneficiary’s bank to the beneficiary in funds transfer transactions.
Whom does it apply to?
Beneficiary's bank, beneficiary, sender, receiving bank
What does it govern?
Payment by a beneficiary's bank to the beneficiary in the context of funds transfers
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Virginia