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Can you summarize VACV 8.4-303?
When items subject to notice, stop-payment order, legal process or setoff; order in which items may be charged or certified
Short Summary
This legal document, part of the Commercial Code Bank Deposits and Collections under the Code of Virginia, governs the treatment of items subject to notice, stop-payment order, legal process, or setoff by payor banks. It specifies that any knowledge, notice, stop-payment order, or legal process received or served by the bank comes too late to terminate, suspend, or modify the bank’s right or duty to pay an item or charge the customer’s account if certain conditions are met. These conditions include the bank accepting or certifying the item, paying the item in cash, settling for the item without the right to revoke the settlement, becoming accountable for the amount of the item, or reaching a cut-off hour for checks. The document also allows the bank to accept, pay, certify, or charge items to the customer’s account in any convenient order. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Payor banks and their customers
What does it govern?
Items subject to notice, stop-payment order, legal process or setoff; order in which items may be charged or certified
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Virginia