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Can you summarize VACV 8.4-301?
Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank
Short Summary
This legal document, part of the Code of Virginia’s Commercial Code - Bank Deposits and Collections, governs the actions and responsibilities of payor banks in relation to demand items. It outlines the conditions under which a payor bank can settle for a demand item, the rights of the payor bank to revoke the settlement and recover the payment, and the time limits and procedures for returning items or sending notice of dishonor. The document also specifies when an item is considered dishonored and provides guidelines for returning items presented through a clearing house or in other cases. Overall, this document establishes the rules and procedures for payor banks regarding the settlement and recovery of payments and the return of items.
Whom does it apply to?
Payor banks
What does it govern?
Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Virginia