8.4-110 - Electronic presentment. - Virginia Statutes

§ 8.4-110. Electronic presentment.

(a) "Agreement for electronic presentment" 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 imageof an item or information describing the item ("presentment notice") ratherthan delivery of the item itself. The agreement may provide for proceduresgoverning retention, presentment, payment, dishonor, and other mattersconcerning items subject to the agreement.

(b) Presentment of an item pursuant to an agreement for presentment is madewhen the presentment notice is received.

(c) If presentment is made by presentment notice, a reference to "item" or"check" in this title means the presentment notice unless the contextotherwise indicates.

(1992, c. 693.)