                                 CODE OF VIRGINIA

PRESENTMENT BY NOTICE OF ITEM NOT PAYABLE BY, THROUGH OR AT A BANK; LIABILITY OF
DRAWER OR ENDORSER (§ 8.4-210)

a. Unless otherwise instructed, a collecting bank may present an item not
payable by, through or at a bank by sending to the party to accept or pay a
written notice that the bank holds the item for acceptance or payment. The
notice must be sent in time to be received on or before the day when presentment
is due and the bank must meet any requirement of the party to accept or pay
under &#xA7; 8.3A-501 by the close of the bank&#8217;s next banking day after it
knows of the requirement.

b. If presentment is made by notice and payment, acceptance or request for
compliance with a requirement under &#xA7; 8.3A-501 is not received by the close
of business on the day after maturity or in the case of demand items by the
close of business on the third banking day after notice was sent, the presenting
bank may treat the item as dishonored and charge any drawer or endorser by
sending it notice of the facts.

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