This legal document governs the circumstances under which a bank may charge a customer’s account. According to the document, a bank can charge against the customer’s account for an item that is properly payable, even if it creates an overdraft. An item is considered properly payable if it is authorized by the customer and complies with any agreement between the customer and the bank. The customer is not liable for an overdraft if they neither signed the item nor benefited from its proceeds.

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.

A bank is under no obligation to a customer having a checking account to pay a check, other than a certified check, which is presented more than six months after its date, but it may charge its customer’s account for a payment made thereafter in good faith. Code 1950, 6-72; 1964, c. 219.

This legal document, part of the Code of Virginia’s Commercial Code Bank Deposits and Collections, outlines the duties and responsibilities of customers and banks regarding the discovery and reporting of unauthorized signatures or alterations. According to the document, banks must provide customers with statements of account that sufficiently identify the items paid, either by returning the items or providing detailed information. If the items are not returned, the person retaining them must maintain the capacity to furnish legible copies for seven years.

This title may be cited as Uniform Commercial Code–Letters of Credit (1995). 1997, c. 343.

This legal document, part of the Code of Virginia, specifically focuses on the Uniform Commercial Code Letters of Credit. It provides definitions for various terms used in the context of letters of credit, such as adviser, applicant, beneficiary, confirmer, dishonor, document, good faith, honor, issuer, letter of credit, nominated person, presentation, presenter, record, and successor of a beneficiary. The document also references definitions from other titles that apply to this title.

This legal document, titled ‘Uniform Commercial Code Letters of Credit’, governs letters of credit and certain rights and obligations that arise from transactions involving letters of credit. It applies to parties involved in such transactions. The document allows for variations by agreement or provision, except for specific subsections and where prohibited by other sections. No specific penalties are mentioned in this document.

A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a record and is authenticated (i) by a signature or (ii) in accordance with the agreement of the parties or the standard practice referred to in 8.5A-108(e). 1997, c. 343.

Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation. 1997, c. 343.

This legal document governs the issuance, amendment, cancellation, and duration of letters of credit under the Uniform Commercial Code. According to the document, a letter of credit becomes enforceable against the issuer when it is sent or transmitted to the person requested to advise or the beneficiary. The document states that a letter of credit is revocable only if it explicitly provides for revocation. Amendments or cancellations to a letter of credit do not affect the rights and obligations of the beneficiary, applicant, confirmer, and issuer unless they have consented or the letter of credit allows for amendment or cancellation without consent.