8.4A-504 - A-504. Order in which items and payment orders may be charged to account; order of withdrawals from account. - Virginia Statutes

§ 8.4A-504. Order in which items and payment orders may be charged toaccount; order of withdrawals from account.

(a) If a receiving bank has received more than one payment order of thesender or one or more payment orders and other items that are payable fromthe sender's account, the bank may charge the sender's account with respectto the various orders and items in any sequence.

(b) In determining whether a credit to an account has been withdrawn by theholder of the account or applied to a debt of the holder of the account,credits first made to the account are first withdrawn or applied.

(1990, c. 9.)