8.4A-212 - A-212. Liability and duty of receiving bank regarding unaccepted payment order. - Virginia Statutes

§ 8.4A-212. Liability and duty of receiving bank regarding unaccepted paymentorder.

If a receiving bank fails to accept a payment order that it is obliged byexpress agreement to accept, the bank is liable for breach of the agreementto the extent provided in the agreement or in this title, but does nototherwise have any duty to accept a payment order or, before acceptance, totake any action, or refrain from taking action, with respect to the orderexcept as provided in this title or by express agreement. Liability based onacceptance arises only when acceptance occurs as stated in § 8.4A-209, andliability is limited to that provided in this title. A receiving bank is notthe agent of the sender or beneficiary of the payment order it accepts, or ofany other party to the funds transfer, and the bank owes no duty to any partyto the funds transfer except as provided in this title or by expressagreement.

(1990, c. 9.)