<?xml version="1.0"?>
<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>63931</law_id><section_number>8.4A-304</section_number><catch_line>Duty of sender to report erroneously executed payment order</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><referred_to_by><reference>8.4A-402</reference></referred_to_by><structure><unit label="title" level="1" order_by="1" identifier="8.4A">Commercial Code &#x2014; Funds Transfers</unit><unit label="part" level="2" order_by="1" identifier="3">Execution of Sender's Payment Order by Receiving Bank</unit></structure><text>
						<section><p>If the sender of a payment <span class="dictionary">order</span> that is erroneously executed as stated in &#xA7;&#xA0;<a class="law" title="Erroneous execution of payment order" href="/8.4A-303/">8.4A-303</a> receives notification from the receiving bank that the <span class="dictionary">order</span> was executed or that the sender&#x2019;s account was debited with respect to the <span class="dictionary">order</span>, the sender has a duty to exercise ordinary care to determine, on the basis of information available to the sender, that the <span class="dictionary">order</span> was erroneously executed and to notify the bank of the relevant <span class="dictionary">facts</span> within a reasonable time not exceeding ninety days after the notification from the bank was received by the sender. If the sender fails to perform that duty, the bank is not obliged to pay interest on any amount refundable to the sender under subsection (d) of &#xA7;&#xA0;<a class="law" title="Obligation of sender to pay receiving bank" href="/8.4A-402/">8.4A-402</a> for the period before the bank learns of the execution error. The bank is not entitled to any recovery from the sender on account of a failure by the sender to perform the duty stated in this section.</p></section></text><history>1990, c. 9.</history><metadata></metadata></law>
