                                 CODE OF VIRGINIA

PRESENTMENT (§ 8.3A-501)

a. &#8220;Presentment&#8221; means a demand made by or on behalf of a person
entitled to enforce an instrument (i) to pay the instrument made to the drawee
or a party obliged to pay the instrument or, in the case of a note or accepted
draft payable at a bank, to the bank, or (ii) to accept a draft made to the
drawee.

b. The following rules are subject to Title 8.4 agreement of the parties, and
clearing-house rules and the like:

   1. Presentment may be made at the place of payment of the instrument and must
   be made at the place of payment if the instrument is payable at a bank in the
   United States; may be made by any commercially reasonable means, including an
   oral, written, or electronic communication; is effective when the demand for
   payment or acceptance is received by the person to whom presentment is made;
   and is effective if made to any one of two or more makers, acceptors, drawees,
   or other payors.

   2. Upon demand of the person to whom presentment is made, the person making
   presentment must (i) exhibit the instrument, (ii) give reasonable
   identification and, if presentment is made on behalf of another person,
   reasonable evidence of authority to do so, and (iii) sign a receipt on the
   instrument for any payment made or surrender the instrument if full payment is
   made.

   3. Without dishonoring the instrument, the party to whom presentment is made
   may (i) return the instrument for lack of a necessary endorsement, or (ii)
   refuse payment or acceptance for failure of the presentment to comply with the
   terms of the instrument, an agreement of the parties, or other applicable law
   or rule.

   4. The party to whom presentment is made may treat presentment as occurring on
   the next business day after the day of presentment if the party to whom
   presentment is made has established a cut-off hour not earlier than 2 p.m. for
   the receipt and processing of instruments presented for payment or acceptance
   and presentment is made after the cut-off hour.

HISTORY: Code 1950, §§ 6-425, 6-426, 6-427, 6-436, 6-498, 6-502; 1964, c. 219,
§§ 8.3-504, 8.3-505, 8.3-507; 1992, c. 693.