8.3A-409 - A-409. Acceptance of draft; certified check. - Virginia Statutes

§ 8.3A-409. Acceptance of draft; certified check.

(a) "Acceptance" means the drawee's signed agreement to pay a draft aspresented. It must be written on the draft and may consist of the drawee'ssignature alone. Acceptance may be made at any time and becomes effectivewhen notification pursuant to instructions is given or the accepted draft isdelivered for the purpose of giving rights on the acceptance to any person.

(b) A draft may be accepted although it has not been signed by the drawer, isotherwise incomplete, is overdue, or has been dishonored.

(c) If a draft is payable at a fixed period after sight and the acceptorfails to date the acceptance, the holder may complete the acceptance bysupplying a date in good faith.

(d) "Certified check" means a check accepted by the bank on which it isdrawn. Acceptance may be made as stated in subsection (a) or by a writing onthe check which indicates that the check is certified. The drawee of a checkhas no obligation to certify the check, and refusal to certify is notdishonor of the check.

(Code 1950, §§ 6-485 through 6-491, 6-541 through 6-543; 1964, c. 219, §§8.3-410, 8.3-411; 1992, c. 693.)