Va. Code § 8.4A-101
Short title
This title may be cited as Uniform Commercial Code--Funds Transfers.
Code of Virginia Title 8.4A — Commercial Code — Funds Transfers
Virginia · statute · Va. Code tit. 8.4A · 38 active provisions
Provisions
Va. Code § 8.4A-102
Subject matter
Except as otherwise provided in § 8.4A-108 , this title applies to funds transfers defined in § 8.4A-104 .
Va. Code § 8.4A-103
Definitions: "Payment order"; "Beneficiary"; "Beneficiary's bank"; "Receiving bank"; "Sender."
(a) In this title: (1) "Payment order" means an instruction of a sender to a receiving bank, transmitted orally or in a record, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary if: (i) the instruction does not state a condition to payment to the beneficiary other than ti…
Va. Code § 8.4A-104
Definitions: "Funds transfer"; "Intermediary bank"; "Originator"; "Originator's bank."
In this title: (a) "Funds transfer" means the series of transactions, beginning with the originator's payment order, made for the purpose of making payment to the beneficiary of the order. The term includes any payment order issued by the originator's bank or an intermediary bank intended to carry out the originator's…
Va. Code § 8.4A-105
Other definitions
(a) In this title: (1) "Authorized account" means a deposit account of a customer in a bank designated by the customer as a source of payment orders issued by the customer to the bank. If a customer does so designate an account, any account of the customer is an authorized account if payment of a payment order from tha…
Va. Code § 8.4A-106
Time payment order is received
(a) The time of receipt of a payment order or communication cancelling or amending a payment order is determined by the rules applicable to receipt of a notice stated in § 8.1A-202 . A receiving bank may fix a cut-off time or times on a funds-transfer business day for the receipt and processing of payment orders and co…
Va. Code § 8.4A-107
Federal Reserve regulations and operating circulars
Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal Reserve Banks supersede any inconsistent provision of this title to the extent of the inconsistency.
Va. Code § 8.4A-108
Relationship to Electronic Fund Transfer Act
(a) Except as provided in subsection (b), this title does not apply to a funds transfer any part of which is governed by the Electronic Fund Transfer Act of 1978 (Title XX, Public Law 95-630, 92 Stat. 3728, 15 U.S.C. § 1693 et seq.), as amended from time to time. (b) This title applies to a funds transfer that is a rem…
Va. Code § 8.4A-201
Security procedure
"Security procedure" means a procedure established by agreement of a customer and a receiving bank for the purpose of (i) verifying that a payment order or communication amending or cancelling a payment order is that of the customer, or (ii) detecting error in the transmission or the content of the payment order or com…
Va. Code § 8.4A-202
Authorized and verified payment orders
(a) A payment order received by the receiving bank is the authorized order of the person identified as sender if that person authorized the order or is otherwise bound by it under the law of agency. (b) If a bank and its customer have agreed that the authenticity of payment orders issued to the bank in the name of the…
Va. Code § 8.4A-203
Unenforceability of certain verified payment orders
(a) If an accepted payment order is not, under subsection (a) of § 8.4A-202 , an authorized order of a customer identified as sender, but is effective as an order of the customer pursuant to subsection (b) of § 8.4A-202 , the following rules apply: (1) By express agreement evidenced by a record, the receiving bank may…
Va. Code § 8.4A-204
Refund of payment and duty of customer to report with respect to unauthorized payment order
(a) If a receiving bank accepts a payment order issued in the name of its customer as sender which is (i) not authorized and not effective as the order of the customer under § 8.4A-202 , or (ii) not enforceable, in whole or in part, against the customer under § 8.4A-203 , the bank shall refund any payment of the paymen…
Va. Code § 8.4A-205
Erroneous payment orders
(a) If an accepted payment order was transmitted pursuant to a security procedure for the detection of error and the payment order (i) erroneously instructed payment to a beneficiary not intended by the sender, (ii) erroneously instructed payment in an amount greater than the amount intended by the sender, or (iii) was…
Va. Code § 8.4A-206
Transmission of payment order through funds-transfer or other communication system
(a) If a payment order addressed to a receiving bank is transmitted to a funds-transfer system or other third-party communication system for transmittal to the bank, the system is deemed to be an agent of the sender for the purpose of transmitting the payment order to the bank. If there is a discrepancy between the ter…
Va. Code § 8.4A-207
Misdescription of beneficiary
(a) Subject to subsection (b) of this section, if, in a payment order received by the beneficiary's bank, the name, bank account number, or other identification of the beneficiary refers to a nonexistent or unidentifiable person or account, no person has rights as a beneficiary of the order and acceptance of the order…
Va. Code § 8.4A-208
Misdescription of intermediary bank or beneficiary's bank
(a) This subsection applies to a payment order identifying an intermediary bank or the beneficiary's bank only by an identifying number. (1) The receiving bank may rely on the number as the proper identification of the intermediary or beneficiary's bank and need not determine whether the number identifies a bank. (2) T…
Va. Code § 8.4A-209
Acceptance of payment order
(a) Subject to subsection (d) of this section, a receiving bank other than the beneficiary's bank accepts a payment order when it executes the order. (b) Subject to subsections (c) and (d) of this section, a beneficiary's bank accepts a payment order at the earliest of the following times: (1) When the bank (i) pays th…
Va. Code § 8.4A-210
Rejection of payment order
(a) A payment order is rejected by the receiving bank by a notice of rejection transmitted to the sender orally or in a record. A notice of rejection need not use any particular words and is sufficient if it indicates that the receiving bank is rejecting the order or will not execute or pay the order. Rejection is effe…
Va. Code § 8.4A-211
Cancellation and amendment of payment order
(a) A communication of the sender of a payment order cancelling or amending the order may be transmitted to the receiving bank orally or in a record. If a security procedure is in effect between the sender and the receiving bank, the communication is not effective to cancel or amend the order unless the communication i…
Va. Code § 8.4A-212
Liability and duty of receiving bank regarding unaccepted payment order
If a receiving bank fails to accept a payment order that it is obliged by express agreement to accept, the bank is liable for breach of the agreement to the extent provided in the agreement or in this title, but does not otherwise have any duty to accept a payment order or, before acceptance, to take any action, or ref…
Va. Code § 8.4A-301
Execution and execution date
(a) A payment order is "executed" by the receiving bank when it issues a payment order intended to carry out the payment order received by the bank. A payment order received by the beneficiary's bank can be accepted but cannot be executed. (b) "Execution date" of a payment order means the day on which the receiving ban…
Va. Code § 8.4A-302
Obligations of receiving bank in execution of payment order
(a) Except as provided in subsections (b) through (d) of this section, if the receiving bank accepts a payment order pursuant to subsection (a) of § 8.4A-209 , the bank has the following obligations in executing the order: (1) The receiving bank is obliged to issue, on the execution date, a payment order complying with…
Va. Code § 8.4A-303
Erroneous execution of payment order
(a) A receiving bank that (i) executes the payment order of the sender by issuing a payment order in an amount greater than the amount of the sender's order, or (ii) issues a payment order in execution of the sender's order and then issues a duplicate order, is entitled to payment of the amount of the sender's order un…
Va. Code § 8.4A-304
Duty of sender to report erroneously executed payment order
If the sender of a payment order that is erroneously executed as stated in § 8.4A-303 receives notification from the receiving bank that the order was executed or that the sender's account was debited with respect to the order, the sender has a duty to exercise ordinary care to determine, on the basis of information av…
Va. Code § 8.4A-305
Liability for late or improper execution or failure to execute payment order
(a) If a funds transfer is completed but execution of a payment order by the receiving bank in breach of § 8.4A-302 results in delay in payment to the beneficiary, the bank is obliged to pay interest to either the originator or the beneficiary of the funds transfer for the period of delay caused by the improper executi…
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