                                 CODE OF VIRGINIA

PAYABLE THROUGH OR PAYABLE AT BANK; COLLECTING BANK (§ 8.4-105.1)

a. If an item states that it is &#8220;payable through&#8221; a bank identified
in the item, (i) the item designates the bank as a collecting bank and does not
by itself authorize the bank to pay the item, and (ii) the item may be presented
for payment only by or through the bank.

b. If an item states that it is &#8220;payable at&#8221; a bank identified in
the item, (i) the item designates that bank as a collecting bank and does not by
itself authorize the bank to pay the item, and (ii) the item may be presented
for payment only by or through the bank.

c. If a draft names a nonbank drawee and it is unclear whether a bank named in
the draft is a co-drawee or a collecting bank, the bank is a collecting bank.

HISTORY: Code 1950, § 6-440; 1964, c. 219; §§ 8.3-120, 8.3-121; 1992, c. 693.