This legal document, part of the Code of Virginia’s Commercial Code Negotiable Instruments, provides guidelines for determining dishonor of negotiable instruments. It allows certain documents to be admitted as evidence of dishonor and create a presumption of dishonor and notice of dishonor. The document also defines a protest as a certificate of dishonor made by authorized individuals and specifies its requirements. Another document governs the excusal of presentment for payment or acceptance of an instrument, as well as the excusal of notice of dishonor.

This section of the Code of Virginia, specifically the Commercial Code Negotiable Instruments, governs the discharge of endorsers and accommodation parties. It clarifies that the discharge of a party’s obligation to pay an instrument does not discharge the obligation of an endorser or accommodation party with a right of recourse against the discharged party. The section also outlines the circumstances under which an extension of the due date or a material modification of the obligation can discharge an endorser or accommodation party, provided that loss is proven.

The ‘Commercial Code Funds Transfers’ document governs the time of receipt of payment orders and communications in funds transfers in the state of Virginia. It applies to receiving banks and senders of payment orders. The document establishes rules for determining the time of receipt, including the use of applicable notice receipt rules. Receiving banks have the authority to establish cut-off times for the receipt and processing of payment orders and communications.

This legal document governs the cancellation and amendment of payment orders in funds transfers. It applies to senders and receiving banks involved in such transfers. The document outlines the requirements for effective cancellation or amendment of a payment order, including the need for verification through a security procedure or agreement from the bank. It also specifies that cancellation or amendment is not effective after acceptance of the payment order, unless the receiving bank agrees or a funds-transfer system rule allows it.

This legal document governs the erroneous execution of payment orders in the context of funds transfers. It outlines the entitlements and obligations of receiving banks, senders of payment orders, and beneficiaries of payment orders in case of errors. If a receiving bank executes a payment order in an amount greater than the sender’s order or issues a duplicate order, the bank is entitled to payment of the sender’s order amount and may recover the excess payment from the beneficiary.

This legal document governs the payment by a beneficiary’s bank to the beneficiary in the context of funds transfers. It outlines the conditions under which the beneficiary’s bank fulfills its obligation to the beneficiary. Payment occurs when the beneficiary is notified of the right to withdraw the credit, when the bank lawfully applies the credit to a debt of the beneficiary, or when funds with respect to the order are otherwise made available to the beneficiary by the bank.

These legal documents, part of the Code of Virginia’s Commercial Code Funds Transfers, cover various aspects related to funds transfers. They govern the choice of law in funds transfers, stating that the rights and obligations between the sender of a payment order and the receiving bank are governed by the law of the jurisdiction where the receiving bank is located. Similarly, the rights and obligations between the beneficiary’s bank and the beneficiary are governed by the law of the jurisdiction where the beneficiary’s bank is located.

The legal document titled ‘Sufficiency of description’ provides guidelines for the identification and description of personal or real property in secured transactions. It states that a description of the property is considered sufficient if it reasonably identifies what is described. The document provides examples of reasonable identification methods, such as specific listing, category, type of collateral defined in the Uniform Commercial Code, quantity, computational or allocational formula or procedure, or any other method that objectively determines the identity of the collateral.

The provided legal document content covers various aspects of secured transactions and security interests. It discusses the attachment and effectiveness of security interests in the purchase or delivery of financial assets through securities intermediaries. It outlines the conditions under which security interests attach to a person’s security entitlement or to a delivered security or financial asset. These security interests secure the respective obligations to pay for the financial asset or delivery.

The provided legal document content covers various aspects of secured transactions and the priority of security interests. It discusses the perfection and priority of security interests in deposit accounts, goods covered by a certificate of title, collateral, investment property, agricultural liens on farm products, and other specific types of collateral. The local law of the relevant jurisdiction governs the perfection, effect, and priority of security interests. The documents provide guidelines for determining the applicable law and the methods of perfection, such as filing, control, possession, and notification.