                                 CODE OF VIRGINIA

LIABILITY AND DUTY OF RECEIVING BANK REGARDING UNACCEPTED PAYMENT ORDER (§
8.4A-212)

If a receiving bank fails to accept a payment order that it is obliged by
express agreement to accept, the bank is liable for breach of the agreement to
the extent provided in the agreement or in this title, but does not otherwise
have any duty to accept a payment order or, before acceptance, to take any
action, or refrain from taking action, with respect to the order except as
provided in this title or by express agreement. Liability based on acceptance
arises only when acceptance occurs as stated in § 8.4A-209, and liability is
limited to that provided in this title. A receiving bank is not the agent of the
sender or beneficiary of the payment order it accepts, or of any other party to
the funds transfer, and the bank owes no duty to any party to the funds transfer
except as provided in this title or by express agreement.

HISTORY: 1990, c. 9.