§ 8.4-209. When bank gives value for purposes of holder in due course
For purposes of determining its status as a holder in due course, a bank has given value to the extent it has a security interest in an item, if the bank otherwise complies with the requirements of § 8.3A-302 on what constitutes a holder in due course. Code 1950, §§ 6-378, 6-379; 1964, c. 219; […]
§ 8.4-210. Presentment by notice of item not payable by, through or at a bank; liability of drawer or endorser
(a) Unless otherwise instructed, a collecting bank may present an item not payable by, through or at a bank by sending to the party to accept or pay a written notice that the bank holds the item for acceptance or payment. The notice must be sent in time to be received on or before the […]
§ 8.4-207.2. Presentment warranties
(a) If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft, (i) the person obtaining payment or acceptance, at the time of presentment, and (ii) a previous transferor of the draft, at the time of transfer, warrant to the drawee that pays or accepts […]
§ 8.4-207.3. Encoding and retention warranties
(a) A person who encodes information on or with respect to an item after issue warrants to any subsequent collecting bank and to the payor bank or other payor that the information is correctly encoded. If the customer of a depositary bank encodes, that bank also makes the warranty. (b) A person who undertakes to […]
§ 8.4-205. Repealed
Repealed by Acts 1992, c. 693, effective January 1, 1993.
§ 8.4-205.1. Depositary bank holder of unendorsed item
If a customer delivers an item to a depositary bank for collection: (1) the depositary bank becomes a holder of the item at the time it receives the item for collection if the customer at the time of the delivery was a holder of the item, whether or not the customer endorses the item, and, […]
§ 8.4-206. Transfer between banks
Any agreed method that identifies the transferor bank is sufficient for the item’s further transfer to another bank. 1964, c. 219; 1992, c. 693.
§ 8.4-207. Repealed
Repealed by Acts 1992, c. 693, effective January 1, 1993.
§ 8.4-207.1. Transfer warranties
(a) A customer or collecting bank that transfers an item and receives a settlement or other consideration warrants to the transferee and to any subsequent collecting bank that: (1) the warrantor is a person entitled to enforce the item; (2) all signatures on the item are authentic and authorized; (3) the item has not been […]
§ 8.4-111. Statute of limitations
An action to enforce an obligation, duty, or right arising under this title must be commenced within three years after the cause of action accrues. 1992, c. 693.