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5 chapters · 38 sections in this title.
Va. Code Ann. § 8.4A-301 Execution and execution date
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(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 …
Va. Code Ann. § 8.4A-302 Obligations of receiving bank in execution of payment order
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(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 executi…
Va. Code Ann. § 8.4A-303 Erroneous execution of payment order
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(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 paymen…
Va. Code Ann. § 8.4A-304 Duty of sender to report erroneously executed payment order
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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 d…