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5 chapters · 38 sections in this title.
Va. Code Ann. § 8.4A-201 Security procedure
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"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…
Va. Code Ann. § 8.4A-202 Authorized and verified payment orders
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(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 order…
Va. Code Ann. § 8.4A-203 Unenforceability of certain verified payment orders
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(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 evidence…
Va. Code Ann. § 8.4A-204 Refund of payment and duty of customer to report with respect to unauthorized payment order
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(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 …