Virginia Law

Code of Virginia

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Code of Virginia
Title 8.3A. Commercial Code — Negotiable Instruments
Part 4. Liability of Parties
9/12/2024

§ 8.3A-408. Drawee not liable on unaccepted draft.

A check or other draft does not of itself operate as an assignment of funds in the hands of the drawee available for its payment, and the drawee is not liable on the instrument until the drawee accepts it.

Code 1950, §§ 6-480, 6-543; 1964, c. 219, § 8.3-409; 1992, c. 693.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.