{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/8.4-301.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/8.4-301.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/8.4-301.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/8.4-301.html"}],"law_id":58497,"edition_id":1,"section_id":58497,"structure_id":14151,"section_number":"8.4-301","catch_line":"Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank","history":"Code 1950, \u00a7\u00a7 6-543.1 to 6-543.3, pp. 60, 61; 1964, c. 219; 1992, c. 693.","full_text":"a\n\nIf a payor bank settles for a demand item other than a documentary draft presented otherwise than for immediate payment over the counter before midnight of the banking day of receipt the payor bank may revoke the settlement and recover the settlement if, before it has made final payment and before its midnight deadline, it1\n\nreturns the item; or2\n\nsends written notice of dishonor or nonpayment if the item is unavailable for return.b\n\nIf a demand item is received by a payor bank for credit on its books, it may return the item or send notice of dishonor and may revoke any credit given or recover the amount thereof withdrawn by its customer, if it acts within the time limit and in the manner specified in subsection (a).c\n\nUnless previous notice of dishonor has been sent, an item is dishonored at the time when for purposes of dishonor it is returned or notice sent in accordance with this section.d\n\nAn item is returned:1\n\nas to an item presented through a clearing house, when it is delivered to the presenting or last collecting bank or to the clearing house or is sent or delivered in accordance with clearing-house rules; or2\n\nin all other cases, when it is sent or delivered to the bank’s customer or transferor or pursuant to his instructions.","order_by":null,"text":{"0":{"id":214387,"text":"If a payor bank settles for a demand item other than a documentary draft presented otherwise than for immediate payment over the counter before midnight of the banking day of receipt the payor bank may revoke the settlement and recover the settlement if, before it has made final payment and before its midnight deadline, it","type":"section","prefixes":["a"],"prefix":"a","entire_prefix":"a","prefix_anchor":"a","level":1,"next_prefix":"a1"},"1":{"id":214388,"text":"returns the item; or","type":"section","prefixes":["a","1"],"prefix":"1","entire_prefix":"a1","prefix_anchor":"a1","level":2,"prior_prefix":"a","next_prefix":"a2"},"2":{"id":214389,"text":"sends written notice of dishonor or nonpayment if the item is unavailable for return.","type":"section","prefixes":["a","2"],"prefix":"2","entire_prefix":"a2","prefix_anchor":"a2","level":2,"prior_prefix":"a1","next_prefix":"b"},"3":{"id":214390,"text":"If a demand item is received by a payor bank for credit on its books, it may return the item or send notice of dishonor and may revoke any credit given or recover the amount thereof withdrawn by its customer, if it acts within the time limit and in the manner specified in subsection (a).","type":"section","prefixes":["b"],"prefix":"b","entire_prefix":"b","prefix_anchor":"b","level":1,"prior_prefix":"a2","next_prefix":"c"},"4":{"id":214391,"text":"Unless previous notice of dishonor has been sent, an item is dishonored at the time when for purposes of dishonor it is returned or notice sent in accordance with this section.","type":"section","prefixes":["c"],"prefix":"c","entire_prefix":"c","prefix_anchor":"c","level":1,"prior_prefix":"b","next_prefix":"d"},"5":{"id":214392,"text":"An item is returned:","type":"section","prefixes":["d"],"prefix":"d","entire_prefix":"d","prefix_anchor":"d","level":1,"prior_prefix":"c","next_prefix":"d1"},"6":{"id":214393,"text":"as to an item presented through a clearing house, when it is delivered to the presenting or last collecting bank or to the clearing house or is sent or delivered in accordance with clearing-house rules; or","type":"section","prefixes":["d","1"],"prefix":"1","entire_prefix":"d1","prefix_anchor":"d1","level":2,"prior_prefix":"d","next_prefix":"d2"},"7":{"id":214394,"text":"in all other cases, when it is sent or delivered to the bank’s customer or transferor or pursuant to his instructions.","type":"section","prefixes":["d","2"],"prefix":"2","entire_prefix":"d2","prefix_anchor":"d2","level":2,"prior_prefix":"d1"}},"ancestry":[{"id":14151,"edition_id":1,"name":"Collection of Items: Payor Banks","identifier":"3","label":"part","depth":2,"order_by":1,"parent_id":12768,"metadata":{},"date_created":"2026-06-26 03:47:03","date_modified":"2026-06-26 03:47:03","permalink":{"id":283125,"object_type":"structure","relational_id":14151,"identifier":"3","token":"8.4\/3","url":"\/8.4\/3\/","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":58497,"structure_id":14151,"section_number":"8.4-301","catch_line":"Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank","url":"\/8.4-301\/","token":"8.4\/3\/8.4-301","metadata":false},{"id":55309,"structure_id":14151,"section_number":"8.4-302","catch_line":"Payor bank's responsibility for late return of item","url":"\/8.4-302\/","token":"8.4\/3\/8.4-302","metadata":false},{"id":82797,"structure_id":14151,"section_number":"8.4-303","catch_line":"When items subject to notice, stop-payment order, legal process or setoff; order in which items may be charged or certified","url":"\/8.4-303\/","token":"8.4\/3\/8.4-303","metadata":false}],"next_section":{"id":55309,"structure_id":14151,"section_number":"8.4-302","catch_line":"Payor bank's responsibility for late return of item","url":"\/8.4-302\/","token":"8.4\/3\/8.4-302","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/8.4-301\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1964, chapter 219; in 1992, chapter 693.<\/p>","references":[{"id":60859,"section_number":"8.3A-502","catch_line":"Dishonor","order_by":null,"url":"\/8.3A-502\/"},{"id":71273,"section_number":"8.4-212","catch_line":"Right of charge-back or refund; liability of collecting banks; return of item","order_by":null,"url":"\/8.4-212\/"}],"refers_to":false,"permalink":{"id":283127,"object_type":"law","relational_id":58497,"identifier":"8.4-301","token":"8.4\/3\/8.4-301","url":"\/8.4-301\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/8.4-301\/","token":"8.4\/3\/8.4-301","dublin_core":{"Title":"Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank","Type":"Text","Format":"text\/html","Identifier":"\u00a7 8.4-301","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

a.<\/span> If a payor bank<\/span> settles for a demand item other than a documentary draft presented otherwise than for immediate payment over the counter before midnight of the banking day of receipt the payor bank<\/span> may revoke the settlement<\/span> and recover the settlement<\/span> if, before it has made final payment and before its midnight deadline, it <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> returns the item; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> sends written notice of dishonor or nonpayment if the item is unavailable for return. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

b.<\/span> If a demand item is received by a payor bank<\/span> for credit on its books, it may return the item or send notice of dishonor and may revoke any credit given or recover the amount thereof withdrawn by its customer, if it acts within the time limit and in the manner specified in subsection (a). <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

c.<\/span> Unless previous notice of dishonor has been sent, an item is dishonored at the time when for purposes of dishonor it is returned or notice sent in accordance with this section. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

d.<\/span> An item is returned: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> as to an item presented through a clearing house, when it is delivered to the presenting or last collecting bank<\/span> or to the clearing house or is sent or delivered in accordance with clearing-house rules; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> in all other cases, when it is sent or delivered to the bank’s customer or transferor or pursuant to his instructions. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFERRED POSTING; RECOVERY OF PAYMENT BY RETURN OF ITEMS; TIME OF DISHONOR;\nRETURN OF ITEMS BY PAYOR BANK (\u00a7 8.4-301)\n\na. If a payor bank settles for a demand item other than a documentary draft\npresented otherwise than for immediate payment over the counter before midnight\nof the banking day of receipt the payor bank may revoke the settlement and\nrecover the settlement if, before it has made final payment and before its\nmidnight deadline, it\n\n 1. returns the item; or\n\n 2. sends written notice of dishonor or nonpayment if the item is unavailable\n for return.\n\nb. If a demand item is received by a payor bank for credit on its books, it may\nreturn the item or send notice of dishonor and may revoke any credit given or\nrecover the amount thereof withdrawn by its customer, if it acts within the time\nlimit and in the manner specified in subsection (a).\n\nc. Unless previous notice of dishonor has been sent, an item is dishonored at\nthe time when for purposes of dishonor it is returned or notice sent in\naccordance with this section.\n\nd. An item is returned:\n\n 1. as to an item presented through a clearing house, when it is delivered to\n the presenting or last collecting bank or to the clearing house or is sent or\n delivered in accordance with clearing-house rules; or\n\n 2. in all other cases, when it is sent or delivered to the bank’s\n customer or transferor or pursuant to his instructions.\n\nHISTORY: Code 1950, \u00a7\u00a7 6-543.1 to 6-543.3, pp. 60, 61; 1964, c. 219; 1992, c.\n693.","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}}