Virginia § 8.4A-505 Preclusion of objection to debit of customer's account

Virginia Statutes

§ 8.4A-505 — Preclusion of objection to debit of customer's account

Virginia § 8.4A-505

Title 8.4ACOMMERCIAL CODE — FUNDS TRANSFERS

Part 5MISCELLANEOUS PROVISIONS

This text of Virginia § 8.4A-505 (Preclusion of objection to debit of customer's account) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 8.4A-505 (2026).

Text

If a receiving bank has received payment from its customer with respect to a payment order issued in the name of the customer as sender and accepted by the bank, and the customer received notification reasonably identifying the order, the customer is precluded from asserting that the bank is not entitled to retain the payment unless the customer notifies the bank of the customer's objection to the payment within one year after the notification was received by the customer.

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If a receiving bank has received payment from its customer with respect to a payment order issued in the name of the customer as sender and accepted by the bank, and the customer received notification reasonably identifying the order, the customer is precluded from asserting that the bank is not entitled to retain the payment unless the customer notifies the bank of the customer's objection to the payment within one year after the notification was received by the customer.