™Your Policy Risk Impact Agent
5 chapters · 38 sections in this title.
Va. Code Ann. § 8.4A-401 Payment date
0.4K chars
"Payment date" of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiary's bank. The payment date may be determined by instruction of the sender but cannot be earlier than the day the order is received by the beneficiary's …
Va. Code Ann. § 8.4A-402 Obligation of sender to pay receiving bank
2.3K chars
(a) This section is subject to §§ 8.4A-205 and 8.4A-207. (b) With respect to a payment order issued to the beneficiary's bank, acceptance of the order by the bank obliges the sender to pay the bank the amount of the order, but payment is not due until the payment date of the orde…
Va. Code Ann. § 8.4A-403 Payment by sender to receiving bank
2.7K chars
(a) Payment of the sender's obligation under § 8.4A-402 to pay the receiving bank occurs as follows: (1) If the sender is a bank, payment occurs when the receiving bank receives final settlement of the obligation through a Federal Reserve Bank or through a funds-transfer system. …
Va. Code Ann. § 8.4A-404 Obligation of beneficiary's bank to pay and give notice to beneficiary
2.2K chars
(a) Subject to subsection (e) of § 8.4A-211, and subsections (d) and (e) of § 8.4A-405, if a beneficiary's bank accepts a payment order, the bank is obliged to pay the amount of the order to the beneficiary of the order. Payment is due on the payment date of the order, but if acc…