                                 CODE OF VIRGINIA

TIME OF RECEIPT OF ITEMS (§ 8.4-107)

a. For the purpose of allowing time to process items, prove balances and make
the necessary entries on its books to determine its position for the day, a bank
may fix an afternoon hour of 2 p.m. or later as a cutoff hour for the handling
of money and items and the making of entries on its books.

b. An item or deposit of money received on any day after a cutoff hour so fixed
or after the close of the banking day may be treated as being received at the
opening of the next banking day.

HISTORY: 1964, c. 219; 1992, c. 693.