{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/8.4-503.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/8.4-503.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/8.4-503.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/8.4-503.html"}],"law_id":378201,"edition_id":2,"section_id":378201,"structure_id":53742,"section_number":"8.4-503","catch_line":"Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need","history":"1964, c. 219; 1992, c. 693.","full_text":"Unless otherwise instructed and except as provided in Title 8.5A, a bank presenting a documentary draft:\n\n1\n\nmust deliver the documents to the drawee on acceptance of the draft if it is payable more than three days after presentment; otherwise, only on payment; and\n\n2\n\nupon dishonor, either in the case of presentment for acceptance or presentment for payment, may seek and follow instructions from any referee in case of need designated in the draft or if the presenting bank does not choose to utilize the referee’s services, it must use diligence and good faith to ascertain the reason for dishonor, must notify its transferor of the dishonor and of the results of its effort to ascertain the reasons therefor and must request instructions.\n\t\t\tHowever, the presenting bank is under no obligation with respect to goods represented by the documents except to follow any reasonable instructions seasonably received; it has a right to reimbursement for any expense incurred in following instructions and to prepayment of or indemnity for those expenses.\n\n","order_by":null,"text":{"0":{"id":1410902,"text":"Unless otherwise instructed and except as provided in Title 8.5A, a bank presenting a documentary draft:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":1410903,"text":"must deliver the documents to the drawee on acceptance of the draft if it is payable more than three days after presentment; otherwise, only on payment; and","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":1410904,"text":"upon dishonor, either in the case of presentment for acceptance or presentment for payment, may seek and follow instructions from any referee in case of need designated in the draft or if the presenting bank does not choose to utilize the referee’s services, it must use diligence and good faith to ascertain the reason for dishonor, must notify its transferor of the dishonor and of the results of its effort to ascertain the reasons therefor and must request instructions.\n\t\t\tHowever, the presenting bank is under no obligation with respect to goods represented by the documents except to follow any reasonable instructions seasonably received; it has a right to reimbursement for any expense incurred in following instructions and to prepayment of or indemnity for those expenses.","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1"}},"ancestry":[{"id":53742,"edition_id":2,"name":"Collection of Documentary Drafts","identifier":"5","label":"part","depth":2,"order_by":5,"parent_id":53737,"metadata":{"child_laws":4,"child_structures":0},"date_created":"2026-08-02 03:21:32","date_modified":"2026-08-02 12:28:33","permalink":{"id":1510171,"object_type":"structure","relational_id":53742,"identifier":"5","token":"8.4\/5","url":"\/8.4\/5\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53737,"edition_id":2,"name":"Commercial Code \u2014 Bank Deposits and Collections","identifier":"8.4","label":"title","depth":1,"order_by":21,"parent_id":null,"metadata":{"child_laws":45,"child_structures":5},"date_created":"2026-08-02 03:21:27","date_modified":"2026-08-02 12:28:32","permalink":{"id":1509997,"object_type":"structure","relational_id":53737,"identifier":"8.4","token":"8.4","url":"\/8.4\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":378199,"structure_id":53742,"section_number":"8.4-501","catch_line":"Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor","url":"\/8.4-501\/","token":"8.4\/5\/8.4-501","metadata":false},{"id":378200,"structure_id":53742,"section_number":"8.4-502","catch_line":"Presentment of \"on arrival\" drafts","url":"\/8.4-502\/","token":"8.4\/5\/8.4-502","metadata":false},{"id":378201,"structure_id":53742,"section_number":"8.4-503","catch_line":"Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need","url":"\/8.4-503\/","token":"8.4\/5\/8.4-503","metadata":false},{"id":378202,"structure_id":53742,"section_number":"8.4-504","catch_line":"Privilege of presenting bank to deal with goods; security interest for expenses","url":"\/8.4-504\/","token":"8.4\/5\/8.4-504","metadata":false}],"previous_section":{"id":378200,"structure_id":53742,"section_number":"8.4-502","catch_line":"Presentment of \"on arrival\" drafts","url":"\/8.4-502\/","token":"8.4\/5\/8.4-502","metadata":false},"next_section":{"id":378202,"structure_id":53742,"section_number":"8.4-504","catch_line":"Privilege of presenting bank to deal with goods; security interest for expenses","url":"\/8.4-504\/","token":"8.4\/5\/8.4-504","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/8.4-503\/","history_text":"

This law was first created in 1964. The record of its establishment is cataloged in chapter 219 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1964 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 1992, chapter 693.<\/p>","references":false,"refers_to":false,"permalink":{"id":1510181,"object_type":"law","relational_id":378201,"identifier":"8.4-503","token":"8.4\/5\/8.4-503","url":"\/8.4-503\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/8.4-503\/","token":"8.4\/5\/8.4-503","dublin_core":{"Title":"Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need","Type":"Text","Format":"text\/html","Identifier":"\u00a7 8.4-503","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Unless otherwise instructed and except as provided in Title 8.5A, a bank<\/span> presenting a documentary draft:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> must deliver the documents to the drawee on acceptance of the draft if it is payable more than three days after presentment<\/span>; otherwise, only on payment; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> upon dishonor, either in the case of presentment<\/span> for acceptance or presentment<\/span> for payment, may seek and follow instructions from any referee in case of need designated in the draft or if the presenting bank<\/span> does not choose to utilize the referee’s services, it must use diligence and good faith to ascertain the reason for dishonor, must notify its transferor of the dishonor and of the results of its effort to ascertain the reasons therefor and must request instructions.\n\t\t\tHowever, the presenting bank<\/span> is under no obligation with respect to goods represented by the documents except to follow any reasonable instructions seasonably received; it has a right to reimbursement for any expense incurred in following instructions and to prepayment of or indemnity for those expenses. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nRESPONSIBILITY OF PRESENTING BANK FOR DOCUMENTS AND GOODS; REPORT OF REASONS FOR\nDISHONOR; REFEREE IN CASE OF NEED (\u00a7 8.4-503)\n\nUnless otherwise instructed and except as provided in Title 8.5A, a bank\npresenting a documentary draft:\n\n1. must deliver the documents to the drawee on acceptance of the draft if it is\npayable more than three days after presentment; otherwise, only on payment; and\n\n2. upon dishonor, either in the case of presentment for acceptance or\npresentment for payment, may seek and follow instructions from any referee in\ncase of need designated in the draft or if the presenting bank does not choose\nto utilize the referee’s services, it must use diligence and good faith to\nascertain the reason for dishonor, must notify its transferor of the dishonor\nand of the results of its effort to ascertain the reasons therefor and must\nrequest instructions.\n\t\t\tHowever, the presenting bank is under no obligation with respect to goods\nrepresented by the documents except to follow any reasonable instructions\nseasonably received; it has a right to reimbursement for any expense incurred in\nfollowing instructions and to prepayment of or indemnity for those expenses.\n\nHISTORY: 1964, c. 219; 1992, c. 693.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}