                                 CODE OF VIRGINIA

ACCEPTANCE OF DRAFTS OR BILLS OF EXCHANGE; ISSUANCE OF LETTERS OF CREDIT (§
6.2-883)

A. Any bank doing business in the Commonwealth, subject to conditions,
limitations, and restrictions imposed by the Commission, may (i) accept for
payment at a future date drafts or bills of exchange drawn upon it by its
customers on time not exceeding six months and (ii) issue letters of credit,
upon such terms and conditions and of such duration as may be deemed appropriate
by such bank, that authorize the holders thereof to draw drafts upon it or its
correspondent, which drafts may be payable at sight or may be accepted for
payment from the date of presentment on time not exceeding six months.

B. The Commission, in adopting conditions, limitations, and restrictions with
respect to such acceptances or letters of credit, shall use as a standard or
guide the respective conditions, limitations, and restrictions, if any, imposed
from time to time by federal statute or by the Federal Reserve Board on its
member banks.

HISTORY: Code 1950, § 6-82; 1966, c. 584, § 6.1-68; 1974, c. 81; 1976, c. 152;
1994, c. 7; 2010, c. 794.