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Can you summarize VACV 8.4-403?
Customer's right to stop payment; burden of proof of loss
Short Summary
This legal document, part of the Code of Virginia’s Commercial Code Bank Deposits and Collections, governs the customer’s right to stop payment and the burden of proof of loss. According to the document, a customer or any person authorized to draw on the account can stop payment of any item drawn on the customer’s account or close the account by providing an order to the bank. The stop-payment order is effective for six months and can be renewed for additional six-month periods. If an item is paid contrary to a stop-payment order, the burden of establishing the fact and amount of loss resulting from the payment is on the customer. The loss may include damages for dishonor of subsequent items. The document does not mention any specific penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Customers and persons authorized to draw on the account
What does it govern?
Customer's right to stop payment; burden of proof of loss
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Virginia