                                 CODE OF VIRGINIA

EXCUSED PRESENTMENT AND NOTICE OF DISHONOR (§ 8.3A-504)

a. Presentment for payment or acceptance of an instrument is excused if (i) the
person entitled to present the instrument cannot with reasonable diligence make
presentment, (ii) the maker or acceptor has repudiated an obligation to pay the
instrument or is dead or in insolvency proceedings, (iii) by the terms of the
instrument presentment is not necessary to enforce the obligation of endorsers
or the drawer, (iv) the drawer or endorser whose obligation is being enforced
has waived presentment or otherwise has no reason to expect or right to require
that the instrument be paid or accepted, or (v) the drawer instructed the drawee
not to pay or accept the draft or the drawee was not obligated to the drawer to
pay the draft.

b. Notice of dishonor is excused if (i) by the terms of the instrument notice of
dishonor is not necessary to enforce the obligation of a party to pay the
instrument, or (ii) the party whose obligation is being enforced waived notice
of dishonor. A waiver of presentment is also a waiver of notice of dishonor.

c. Delay in giving notice of dishonor is excused if the delay was caused by
circumstances beyond the control of the person giving the notice and the person
giving the notice exercised reasonable diligence after the cause of the delay
ceased to operate.

HISTORY: Code 1950, §§ 6-432 through 6-435, 6-462, 6-464 through 6-469, 6-500,
6-501; 1964, c. 219, § 8.3-511; 1992, c. 693.