8.4A-401 - A-401. Payment date. - Virginia Statutes

§ 8.4A-401. Payment date.

"Payment date" of a payment order means the day on which the amount of theorder is payable to the beneficiary by the beneficiary's bank. The paymentdate may be determined by instruction of the sender but cannot be earlierthan the day the order is received by the beneficiary's bank and, unlessotherwise determined, is the day the order is received by the beneficiary'sbank.

(1990, c. 9.)