8.4-105.1 - Payable through or payable at bank; collecting bank. - Virginia Statutes

§ 8.4-105.1. Payable through or payable at bank; collecting bank.

(a) If an item states that it is "payable through" a bank identified in theitem, (i) the item designates the bank as a collecting bank and does not byitself authorize the bank to pay the item, and (ii) the item may be presentedfor payment only by or through the bank.

(b) If an item states that it is "payable at" a bank identified in theitem, (i) the item designates that bank as a collecting bank and does not byitself authorize the bank to pay the item, and (ii) the item may be presentedfor payment only by or through the bank.

(c) If a draft names a nonbank drawee and it is unclear whether a bank namedin the draft is a co-drawee or a collecting bank, the bank is a collectingbank.

(Code 1950, § 6-440; 1964, c. 219; §§ 8.3-120, 8.3-121; 1992, c. 693.)