{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/8.4-211.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/8.4-211.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/8.4-211.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/8.4-211.1.html"}],"law_id":74613,"edition_id":1,"section_id":74613,"structure_id":14847,"section_number":"8.4-211.1","catch_line":"Medium and time of settlement by bank","history":"1992, c. 693.","full_text":"a\n\nWith respect to settlement by a bank, the medium and time of settlement may be prescribed by Federal Reserve regulations or circulars, clearing-house rules, and the like, or agreement. In the absence of such prescription:1\n\nthe medium of settlement is cash or credit to an account in a Federal Reserve bank of or specified by the person to receive settlement; and2\n\nthe time of settlement, is:i\n\nwith respect to tender of settlement by cash, a cashier’s check, or teller’s check, when the cash or check is sent or delivered;ii\n\nwith respect to tender of settlement by credit in an account in a Federal Reserve Bank, when the credit is made;iii\n\nwith respect to tender of settlement by a credit or debit to an account in a bank, when the credit or debit is made or, in the case of tender of settlement by authority to charge an account, when the authority is sent or delivered; oriv\n\nwith respect to tender of settlement by a funds transfer, when payment is made pursuant to § 8.4A-406 (a) to the person receiving settlement.b\n\nIf the tender of settlement is not by a medium authorized by subsection (a) or the time of settlement is not fixed by subsection (a), no settlement occurs until the tender of settlement is accepted by the person receiving settlement.c\n\nIf settlement for an item is made by cashier’s check or teller’s check and the person receiving settlement, before its midnight deadline:1\n\npresents or forwards the check for collection, settlement is final when the check is finally paid; or2\n\nfails to present or forward the check for collection, settlement is final at the midnight deadline of the person receiving settlement.d\n\nIf settlement for an item is made by giving authority to charge the account of the bank giving settlement in the bank receiving settlement, settlement is final when the charge is made by the bank receiving settlement if there are funds available in the account for the amount of the item.","order_by":null,"text":{"0":{"id":268135,"text":"With respect to settlement by a bank, the medium and time of settlement may be prescribed by Federal Reserve regulations or circulars, clearing-house rules, and the like, or agreement. In the absence of such prescription:","type":"section","prefixes":["a"],"prefix":"a","entire_prefix":"a","prefix_anchor":"a","level":1,"next_prefix":"a1"},"1":{"id":268136,"text":"the medium of settlement is cash or credit to an account in a Federal Reserve bank of or specified by the person to receive settlement; and","type":"section","prefixes":["a","1"],"prefix":"1","entire_prefix":"a1","prefix_anchor":"a1","level":2,"prior_prefix":"a","next_prefix":"a2"},"2":{"id":268137,"text":"the time of settlement, is:","type":"section","prefixes":["a","2"],"prefix":"2","entire_prefix":"a2","prefix_anchor":"a2","level":2,"prior_prefix":"a1","next_prefix":"i"},"3":{"id":268138,"text":"with respect to tender of settlement by cash, a cashier’s check, or teller’s check, when the cash or check is sent or delivered;","type":"section","prefixes":["i"],"prefix":"i","entire_prefix":"i","prefix_anchor":"i","level":1,"prior_prefix":"a2","next_prefix":"iii"},"4":{"id":268139,"text":"with respect to tender of settlement by credit in an account in a Federal Reserve Bank, when the credit is made;","type":"section","prefixes":["i","ii"],"prefix":"ii","entire_prefix":"iii","prefix_anchor":"iii","level":2,"prior_prefix":"i","next_prefix":"iiii"},"5":{"id":268140,"text":"with respect to tender of settlement by a credit or debit to an account in a bank, when the credit or debit is made or, in the case of tender of settlement by authority to charge an account, when the authority is sent or delivered; or","type":"section","prefixes":["i","iii"],"prefix":"iii","entire_prefix":"iiii","prefix_anchor":"iiii","level":2,"prior_prefix":"iii","next_prefix":"iiv"},"6":{"id":268141,"text":"with respect to tender of settlement by a funds transfer, when payment is made pursuant to § 8.4A-406 (a) to the person receiving settlement.","type":"section","prefixes":["i","iv"],"prefix":"iv","entire_prefix":"iiv","prefix_anchor":"iiv","level":2,"prior_prefix":"iiii","next_prefix":"b"},"7":{"id":268142,"text":"If the tender of settlement is not by a medium authorized by subsection (a) or the time of settlement is not fixed by subsection (a), no settlement occurs until the tender of settlement is accepted by the person receiving settlement.","type":"section","prefixes":["b"],"prefix":"b","entire_prefix":"b","prefix_anchor":"b","level":1,"prior_prefix":"iiv","next_prefix":"c"},"8":{"id":268143,"text":"If settlement for an item is made by cashier’s check or teller’s check and the person receiving settlement, before its midnight deadline:","type":"section","prefixes":["c"],"prefix":"c","entire_prefix":"c","prefix_anchor":"c","level":1,"prior_prefix":"b","next_prefix":"c1"},"9":{"id":268144,"text":"presents or forwards the check for collection, settlement is final when the check is finally paid; or","type":"section","prefixes":["c","1"],"prefix":"1","entire_prefix":"c1","prefix_anchor":"c1","level":2,"prior_prefix":"c","next_prefix":"c2"},"10":{"id":268145,"text":"fails to present or forward the check for collection, settlement is final at the midnight deadline of the person receiving settlement.","type":"section","prefixes":["c","2"],"prefix":"2","entire_prefix":"c2","prefix_anchor":"c2","level":2,"prior_prefix":"c1","next_prefix":"d"},"11":{"id":268146,"text":"If settlement for an item is made by giving authority to charge the account of the bank giving settlement in the bank receiving settlement, settlement is final when the charge is made by the bank receiving settlement if there are funds available in the account for the amount of the item.","type":"section","prefixes":["d"],"prefix":"d","entire_prefix":"d","prefix_anchor":"d","level":1,"prior_prefix":"c2"}},"ancestry":[{"id":14847,"edition_id":1,"name":"Collection of Items: Depositary and Collecting Banks","identifier":"2","label":"part","depth":2,"order_by":1,"parent_id":12768,"metadata":{},"date_created":"2026-06-26 03:50:22","date_modified":"2026-06-26 03:50:22","permalink":{"id":283047,"object_type":"structure","relational_id":14847,"identifier":"2","token":"8.4\/2","url":"\/8.4\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12768,"edition_id":1,"name":"Commercial Code \u2014 Bank Deposits and Collections","identifier":"8.4","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:52","date_modified":"2026-06-26 03:43:52","permalink":{"id":282995,"object_type":"structure","relational_id":12768,"identifier":"8.4","token":"8.4","url":"\/8.4\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":61258,"structure_id":14847,"section_number":"8.4-201","catch_line":"Status of collecting bank as agent and provisional status of credits; applicability of title; item endorsed \"pay any bank.\"","url":"\/8.4-201\/","token":"8.4\/2\/8.4-201","metadata":false},{"id":70013,"structure_id":14847,"section_number":"8.4-202","catch_line":"Responsibility for collection or return; when action timely","url":"\/8.4-202\/","token":"8.4\/2\/8.4-202","metadata":false},{"id":81502,"structure_id":14847,"section_number":"8.4-203","catch_line":"Effect of instructions","url":"\/8.4-203\/","token":"8.4\/2\/8.4-203","metadata":false},{"id":58958,"structure_id":14847,"section_number":"8.4-204","catch_line":"Methods of sending and presenting; sending directly to payor bank","url":"\/8.4-204\/","token":"8.4\/2\/8.4-204","metadata":false},{"id":67407,"structure_id":14847,"section_number":"8.4-205","catch_line":"Repealed","url":"\/8.4-205\/","token":"8.4\/2\/8.4-205","metadata":false},{"id":85489,"structure_id":14847,"section_number":"8.4-205.1","catch_line":"Depositary bank holder of unendorsed item","url":"\/8.4-205.1\/","token":"8.4\/2\/8.4-205.1","metadata":false},{"id":78749,"structure_id":14847,"section_number":"8.4-206","catch_line":"Transfer between banks","url":"\/8.4-206\/","token":"8.4\/2\/8.4-206","metadata":false},{"id":69127,"structure_id":14847,"section_number":"8.4-207","catch_line":"Repealed","url":"\/8.4-207\/","token":"8.4\/2\/8.4-207","metadata":false},{"id":56757,"structure_id":14847,"section_number":"8.4-207.1","catch_line":"Transfer warranties","url":"\/8.4-207.1\/","token":"8.4\/2\/8.4-207.1","metadata":false},{"id":80890,"structure_id":14847,"section_number":"8.4-207.2","catch_line":"Presentment warranties","url":"\/8.4-207.2\/","token":"8.4\/2\/8.4-207.2","metadata":false},{"id":58319,"structure_id":14847,"section_number":"8.4-207.3","catch_line":"Encoding and retention warranties","url":"\/8.4-207.3\/","token":"8.4\/2\/8.4-207.3","metadata":false},{"id":83512,"structure_id":14847,"section_number":"8.4-208","catch_line":"Security interest of collecting bank in items, accompanying documents and proceeds","url":"\/8.4-208\/","token":"8.4\/2\/8.4-208","metadata":false},{"id":69286,"structure_id":14847,"section_number":"8.4-209","catch_line":"When bank gives value for purposes of holder in due course","url":"\/8.4-209\/","token":"8.4\/2\/8.4-209","metadata":false},{"id":64339,"structure_id":14847,"section_number":"8.4-210","catch_line":"Presentment by notice of item not payable by, through or at a bank; liability of drawer or endorser","url":"\/8.4-210\/","token":"8.4\/2\/8.4-210","metadata":false},{"id":71107,"structure_id":14847,"section_number":"8.4-211","catch_line":"Repealed","url":"\/8.4-211\/","token":"8.4\/2\/8.4-211","metadata":false},{"id":74613,"structure_id":14847,"section_number":"8.4-211.1","catch_line":"Medium and time of settlement by bank","url":"\/8.4-211.1\/","token":"8.4\/2\/8.4-211.1","metadata":false},{"id":71273,"structure_id":14847,"section_number":"8.4-212","catch_line":"Right of charge-back or refund; liability of collecting banks; return of item","url":"\/8.4-212\/","token":"8.4\/2\/8.4-212","metadata":false},{"id":63165,"structure_id":14847,"section_number":"8.4-213","catch_line":"Final payment of item by payor bank; when provisional debits and credits become final; when certain credits become available for withdrawal","url":"\/8.4-213\/","token":"8.4\/2\/8.4-213","metadata":false},{"id":83511,"structure_id":14847,"section_number":"8.4-214","catch_line":"Insolvency and preference","url":"\/8.4-214\/","token":"8.4\/2\/8.4-214","metadata":false}],"previous_section":{"id":71107,"structure_id":14847,"section_number":"8.4-211","catch_line":"Repealed","url":"\/8.4-211\/","token":"8.4\/2\/8.4-211","metadata":false},"next_section":{"id":71273,"structure_id":14847,"section_number":"8.4-212","catch_line":"Right of charge-back or refund; liability of collecting banks; return of item","url":"\/8.4-212\/","token":"8.4\/2\/8.4-212","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/8.4-211.1\/","history_text":"

This law was first created in 1992. The record of its establishment is cataloged in chapter 693 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1992 \u201cActs\u201d aren\u2019t available online.<\/p>","references":false,"refers_to":[{"id":60722,"section_number":"8.4A-406","catch_line":"Payment by originator to beneficiary; discharge of underlying obligation","order_by":null,"url":"\/8.4A-406\/"}],"permalink":{"id":283109,"object_type":"law","relational_id":74613,"identifier":"8.4-211.1","token":"8.4\/2\/8.4-211.1","url":"\/8.4-211.1\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/8.4-211.1\/","token":"8.4\/2\/8.4-211.1","dublin_core":{"Title":"Medium and time of settlement by bank","Type":"Text","Format":"text\/html","Identifier":"\u00a7 8.4-211.1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

a.<\/span> With respect to settlement<\/span> by a bank<\/span>, the medium and time of settlement<\/span> may be prescribed by Federal Reserve regulations or circulars, clearing-house rules, and the like, or agreement. In the absence of such prescription: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> the medium of settlement<\/span> is cash or credit to an account in a Federal Reserve bank<\/span> of or specified by the person to receive settlement<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> the time of settlement<\/span>, is: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

i.<\/span> with respect to tender of settlement<\/span> by cash, a cashier’s check, or teller’s check, when the cash or check is sent or delivered; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

ii.<\/span> with respect to tender of settlement<\/span> by credit in an account in a Federal Reserve Bank<\/span>, when the credit is made; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

iii.<\/span> with respect to tender of settlement<\/span> by a credit or debit to an account in a bank<\/span>, when the credit or debit is made or, in the case of tender of settlement<\/span> by authority to charge an account, when the authority is sent or delivered; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

iv.<\/span> with respect to tender of settlement<\/span> by a funds transfer, when payment is made pursuant to § 8.4A-406<\/a> (a) to the person receiving settlement<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

b.<\/span> If the tender of settlement<\/span> is not by a medium authorized by subsection (a) or the time of settlement<\/span> is not fixed by subsection (a), no settlement<\/span> occurs until the tender of settlement<\/span> is accepted by the person receiving settlement<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

c.<\/span> If settlement<\/span> for an item is made by cashier’s check or teller’s check and the person receiving settlement<\/span>, before its midnight deadline: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> presents or forwards the check for collection, settlement<\/span> is final when the check is finally paid; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> fails to present or forward the check for collection, settlement<\/span> is final at the midnight deadline of the person receiving settlement<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

d.<\/span> If settlement<\/span> for an item is made by giving authority to charge the account of the bank<\/span> giving settlement<\/span> in the bank<\/span> receiving settlement<\/span>, settlement<\/span> is final when the charge is made by the bank<\/span> receiving settlement<\/span> if there are funds available in the account for the amount of the item. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nMEDIUM AND TIME OF SETTLEMENT BY BANK (\u00a7 8.4-211.1)\n\na. With respect to settlement by a bank, the medium and time of settlement may\nbe prescribed by Federal Reserve regulations or circulars, clearing-house rules,\nand the like, or agreement. In the absence of such prescription:\n\n 1. the medium of settlement is cash or credit to an account in a Federal\n Reserve bank of or specified by the person to receive settlement; and\n\n 2. the time of settlement, is:\n\ni. with respect to tender of settlement by cash, a cashier’s check, or\nteller’s check, when the cash or check is sent or delivered;\n\n ii. with respect to tender of settlement by credit in an account in a Federal\n Reserve Bank, when the credit is made;\n\n iii. with respect to tender of settlement by a credit or debit to an account\n in a bank, when the credit or debit is made or, in the case of tender of\n settlement by authority to charge an account, when the authority is sent or\n delivered; or\n\n iv. with respect to tender of settlement by a funds transfer, when payment is\n made pursuant to § 8.4A-406 (a) to the person receiving settlement.\n\nb. If the tender of settlement is not by a medium authorized by subsection (a)\nor the time of settlement is not fixed by subsection (a), no settlement occurs\nuntil the tender of settlement is accepted by the person receiving settlement.\n\nc. If settlement for an item is made by cashier’s check or teller’s\ncheck and the person receiving settlement, before its midnight deadline:\n\n 1. presents or forwards the check for collection, settlement is final when the\n check is finally paid; or\n\n 2. fails to present or forward the check for collection, settlement is final\n at the midnight deadline of the person receiving settlement.\n\nd. If settlement for an item is made by giving authority to charge the account\nof the bank giving settlement in the bank receiving settlement, settlement is\nfinal when the charge is made by the bank receiving settlement if there are\nfunds available in the account for the amount of the item.\n\nHISTORY: 1992, c. 693.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}