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Can you summarize Title 8.4 VACV?
Code of Virginia > Commercial Code Bank Deposits and Collections
Short Summary
These legal documents, part of the Code of Virginia’s Commercial Code Bank Deposits and Collections, provide definitions for various terms used in the title. They cover various aspects of the payment and settlement process, security interests, warranties, and responsibilities of banks involved in the collection and return of items. The documents govern the final payment of an item by a payor bank, the timing at which provisional debits and credits become final, and the availability of certain credits for withdrawal. They also outline the right of charge-back or refund, as well as the liability of collecting banks and the return of items. The documents address the handling of items in cases of insolvency and preference, the medium and time of settlement by a bank, the security interest of a collecting bank in items and proceeds, and the warranties for encoding and retention of items. Additionally, the documents establish the value given by a bank for a security interest, the presentment warranties for drafts and payment items, the transfer warranties in commercial code and bank deposits and collections, the holder status of a depositary bank, the responsibilities of collecting banks in the collection and return of items, the status of a collecting bank as an agent, and the provisional status of credits. These documents apply to various entities involved in the payment and settlement process, including payor banks, presenting banks, successive prior collecting banks, collecting banks, customers, depositary banks, collecting banks, transferees, subsequent collecting banks, owners of items, customers initiating collection, and banks acquiring the rights of a holder. No specific exemptions or penalties for non-compliance are mentioned.
Whom does it apply to?
Banks, including savings institutions, credit unions, trust companies, depositary banks, payor banks, intermediary banks, collecting banks, presenting banks, payor banks, presenting banks, successive prior collecting banks, customers, depositary banks, collecting banks, transferees, subsequent collecting banks, owners of items, customers initiating collection, banks acquiring the rights of a holder
What does it govern?
Definitions for various terms used in the Commercial Code Bank Deposits and Collections, payment and settlement process, security interests, warranties, responsibilities of banks, handling of items in cases of insolvency and preference, medium and time of settlement by a bank, security interest of a collecting bank, warranties for encoding and retention of items, value given by a bank for a security interest, presentment warranties for drafts and payment items, transfer warranties in commercial code and bank deposits and collections, holder status of a depositary bank, responsibilities of collecting banks, status of a collecting bank as an agent, provisional status of credits
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties for non-compliance or violation of the provisions are mentioned.
Jurisdiction
Virginia