                                 CODE OF VIRGINIA

DRAWEE NOT LIABLE ON UNACCEPTED DRAFT (§ 8.3A-408)

A check or other draft does not of itself operate as an assignment of funds in
the hands of the drawee available for its payment, and the drawee is not liable
on the instrument until the drawee accepts it.

HISTORY: Code 1950, §§ 6-480, 6-543; 1964, c. 219, § 8.3-409; 1992, c. 693.