Virginia Code 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 the item, (i) the item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item, and (ii) the item may be presented for payment only by or through the bank.
Terms Used In Virginia Code 8.4-105.1
- Draft: means a draft as defined in § Virginia Code 8.4-104
- Drawee: means a person ordered in a draft to make payment;
(9) "Item" means an instrument or a promise or order to pay money handled by a bank for collection or payment. See Virginia Code 8.4-104
(b) If an item states that it is “payable at” a bank identified in the item, (i) the item designates that bank as a collecting bank and does not by itself authorize the bank to pay the item, and (ii) the item may be presented for payment only by or through the bank.
(c) If a draft names a nonbank drawee and it is unclear whether a bank named in the draft is a co-drawee or a collecting bank, the bank is a collecting bank.
Code 1950, § 6-440; 1964, c. 219; §§ 8.3-120, 8.3-121; 1992, c. 693.