                                 CODE OF VIRGINIA

ELECTRONIC PRESENTMENT (§ 8.4-110)

a. &#8220;Agreement for electronic presentment&#8221; means an agreement,
clearing-house rule, or Federal Reserve regulation or operating circular,
providing that presentment of an item may be made by transmission of an image of
an item or information describing the item (&#8220;presentment notice&#8221;)
rather than delivery of the item itself. The agreement may provide for
procedures governing retention, presentment, payment, dishonor, and other
matters concerning items subject to the agreement.

b. Presentment of an item pursuant to an agreement for presentment is made when
the presentment notice is received.

c. If presentment is made by presentment notice, a reference to
&#8220;item&#8221; or &#8220;check&#8221; in this title means the presentment
notice unless the context otherwise indicates.

HISTORY: 1992, c. 693.