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Can you summarize VACV 6.2-883?
Acceptance of drafts or bills of exchange; issuance of letters of credit
Short Summary
This legal document, found in the Code of Virginia under the section for Financial Institutions and Services, pertains to banks operating in the Commonwealth. It grants banks the authority to accept drafts or bills of exchange drawn upon them by their customers, with a time limit not exceeding six months. Additionally, banks are allowed to issue letters of credit, subject to terms and conditions determined by the bank, which authorize the holders to draw drafts upon the bank or its correspondent. The Commission is responsible for imposing conditions, limitations, and restrictions on these acceptances or letters of credit, using federal statutes or regulations set by the Federal Reserve Board as a guide. The document does not specify any penalties or exemptions.
Whom does it apply to?
Banks doing business in the Commonwealth
What does it govern?
Acceptance of drafts or bills of exchange; issuance of letters of credit
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Virginia