                                 CODE OF VIRGINIA

PAYMENT DATE (§ 8.4A-401)

&#8220;Payment date&#8221; of a payment order means the day on which the amount
of the order is payable to the beneficiary by the beneficiary&#8217;s bank. The
payment date may be determined by instruction of the sender but cannot be
earlier than the day the order is received by the beneficiary&#8217;s bank and,
unless otherwise determined, is the day the order is received by the
beneficiary&#8217;s bank.

HISTORY: 1990, c. 9.