Sections
Sections 8.4-201 – 8.4-214

Terms Used In Virginia Code > Title 8.4 > Part 2 - Collection of Items: Depositary and Collecting Banks

  • Account: means any deposit or credit account with a bank including demand, time savings passbook, share draft, or like account, other than an account evidenced by a certificate of deposit;

    (2) "Afternoon" means the period of a day between noon and midnight;

    (3) "Banking day" means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions, but shall not include Saturday, Sunday or a legal holiday;

    (4) "Clearing house" means an association of banks or other payors regularly clearing items;

    (5) "Customer" means a person having an account with a bank or for whom a bank has agreed to collect items, including a bank that maintains an account at another bank;

    (6) "Documentary draft" means any negotiable or nonnegotiable draft with accompanying documents, securities or other papers to be delivered against honor of the draft; or a draft to be presented for acceptance or payment if specified documents, certificated securities (§ 8. See Virginia Code 8.4-104

  • Adult: means an individual who attained the age of 18 years. See Virginia Code 64.2-1900
  • Advertisement: means all representations disseminated in any manner or by any means, other than by labeling, for the purpose of inducing, or that are likely to induce, directly or indirectly, the purchase of food. See Virginia Code 3.2-5120
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
  • agent: shall be construed to refer to any of the individual licensees referred to above. See Virginia Code 38.2-1866
  • Agent: means any person who acts for another with or without compensation at the request, or with the knowledge and acquiescence, of the other in dealing with third persons. See Virginia Code 54.1-3939
  • Allegation: something that someone says happened.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Annuities: means all agreements to make periodic payments in specified or calculable sums pursuant to the terms of a contract for a stated period of time or for the life of the person or persons specified in the contract. See Virginia Code 38.2-106
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • attorney: means attorney-at-law. See Virginia Code 54.1-3900
  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Board: means the State Board of Elections. See Virginia Code 24.2-101
  • Board: when used in this chapter shall mean the Board of Bar Examiners. See Virginia Code 54.1-3919
  • Broker: means a person lawfully engaged in the business of effecting transactions in securities or commodities for the person's own account or for the account of others. See Virginia Code 64.2-1900
  • Bureau of Insurance: means the division of the Commission established to administer the insurance laws of the Commonwealth. See Virginia Code 38.2-100
  • Business entity: means a partnership, limited partnership, limited liability company, corporation, or other legal entity other than a sole proprietorship. See Virginia Code 38.2-1800
  • Butter: means the food product generally known as butter, which is made exclusively from milk or cream, or both, with or without common salt, and with or without coloring matter, and containing not less than 80 percent by weight of milk fat, having allowed for all tolerances. See Virginia Code 3.2-5120
  • capper: means any person acting within the Commonwealth as an agent for an attorney in the solicitation of professional employment for the attorney. See Virginia Code 54.1-3939
  • Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
  • Clerk of court: An officer appointed by the court to work with the chief judge in overseeing the court's administration, especially to assist in managing the flow of cases through the court and to maintain court records.
  • Commission: means the State Corporation Commission. See Virginia Code 38.2-100
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Company: means any association, aggregate of individuals, business, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Virginia Code 38.2-100
  • Conservator: means a person appointed or qualified by a court to act as general, limited, or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions. See Virginia Code 64.2-1900
  • Continuance: Putting off of a hearing ot trial until a later time.
  • County: means any existing county or such unit hereafter created. See Virginia Code 15.2-102
  • Court: means the circuit court having appropriate jurisdiction. See Virginia Code 64.2-1900
  • Courts of record: means the Supreme Court of Virginia, the Court of Appeals of Virginia, and the circuit courts. See Virginia Code 1-212
  • Custodial property: means (i) any interest in property transferred to a custodian under this chapter and (ii) the income from and proceeds of that interest in property. See Virginia Code 64.2-1900
  • Custodian: means a person so designated under § 64. See Virginia Code 64.2-1900
  • Customer: means a person who purchases portable electronics or services. See Virginia Code 38.2-1875
  • Decedent: A deceased person.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Department: means the state agency headed by the Commissioner of Elections. See Virginia Code 24.2-101
  • Devise: To gift property by will.
  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • Docket: A log containing brief entries of court proceedings.
  • Donee: The recipient of a gift.
  • Donor: The person who makes a gift.
  • Draft: means a draft as defined in § 8. See 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

  • Election: means a general, primary, or special election. See Virginia Code 24.2-101
  • Election district: means the territory designated by proper authority or by law which is represented by an official elected by the people, including the Commonwealth, a congressional district, a General Assembly district, or a district for the election of an official of a county, city, town, or other governmental unit. See Virginia Code 24.2-101
  • Emergency medical services personnel: means any person who holds a valid certificate issued by the Commissioner and who is employed solely within the fire department, emergency medical services agency, or public safety department of an employing agency as a full-time emergency medical services personnel whose primary responsibility is the provision of emergency care to the sick and injured, using either basic or advanced techniques. See Virginia Code 9.1-300
  • Employing agency: means any municipality of the Commonwealth or any political subdivision thereof, including authorities and special districts, that employs firefighters and emergency medical services personnel. See Virginia Code 9.1-300
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Executor: A male person named in a will to carry out the decedent
  • Federal act: means the Federal Food, Drug and Cosmetic Act (Title 21 U. See Virginia Code 3.2-5120
  • Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
  • Fiduciary: A trustee, executor, or administrator.
  • Financial institution: means a bank, trust company, savings institution, or credit union chartered and supervised under state or federal law. See Virginia Code 64.2-1900
  • Firefighter: means any person who is employed solely within the fire department or public safety department of an employing agency as a full-time firefighter whose primary responsibility is the prevention and extinguishment of fires, the protection of life and property, and the enforcement of local and state fire prevention codes and laws pertaining to the prevention and control of fires. See Virginia Code 9.1-300
  • food: as used in this article means all articles used for food, drink, confectionery or condiment, whether simple, mixed or compound, and all substances or ingredients used in the preparation thereof, intended for human consumption and introduction into commerce. See Virginia Code 3.2-5105
  • Food: means all articles used for food, drink, confectionery, or condiment, for humans or other animals, whether simple, mixed, or compound, and all substances or ingredients used in the preparation thereof. See Virginia Code 3.2-5120
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC
  • General election: means an election held in the Commonwealth on the Tuesday after the first Monday in November or on the first Tuesday in May for the purpose of filling offices regularly scheduled by law to be filled at those times. See Virginia Code 24.2-101
  • General registrar: means the person appointed by the electoral board of a county or city pursuant to § 24. See Virginia Code 24.2-101
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Governing body: means the board of supervisors of a county, council of a city, or council of a town, as the context may require. See Virginia Code 15.2-102
  • Grantor: The person who establishes a trust and places property into it.
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • insurance producer: when used without qualification, means an individual or business entity that sells, solicits, or negotiates contracts of insurance or annuity in the Commonwealth. See Virginia Code 38.2-1800
  • Insurer: means an insurance company. See Virginia Code 38.2-100
  • Inter vivos: Transfer of property from one living person to another living person.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Interrogation: means any questioning of a formal nature as used in Chapter 4 (§ 9. See Virginia Code 9.1-300
  • Intestate: Dying without leaving a will.
  • Label: means a display of written, printed, or graphic matter upon the immediate container of any article. See Virginia Code 3.2-5120
  • Labeling: means all labels and other written, printed, or graphic matter upon an article or any of its containers or wrappers, or accompanying such article. See Virginia Code 3.2-5120
  • Legal representative: means an individual's personal representative or conservator. See Virginia Code 64.2-1900
  • Legatee: A beneficiary of a decedent
  • Licensee: means a mortgage lender or mortgage broker licensed by the Commission pursuant to this chapter. See Virginia Code 6.2-1600
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • local electoral board: means a board appointed pursuant to § 24. See Virginia Code 24.2-101
  • Minor: means an individual who has not attained the age of 18 years. See Virginia Code 64.2-1900
  • Mortgage broker: means any person who directly or indirectly negotiates, places or finds mortgage loans for others, or offers to negotiate, place or find mortgage loans for others. See Virginia Code 6.2-1600
  • Mortgage lender: means any person who directly or indirectly originates or makes mortgage loans. See Virginia Code 6.2-1600
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • Notary: means notary public. See Virginia Code 1-226
  • Oath: A promise to tell the truth.
  • Oath: includes affirmation. See Virginia Code 1-228
  • Office: means a location other than a licensee's principal place of business where (i) the licensee negotiates, places, finds, or makes Virginia mortgage loans; (ii) the licensee's name, advertising or promotional materials, or signage indicates that the licensee negotiates, places, finds, or makes Virginia mortgage loans from the location; or (iii) the licensee maintains books, accounts, or records of Virginia mortgage loans. See Virginia Code 6.2-1600
  • Officer of election: means a person appointed by an electoral board pursuant to § 24. See Virginia Code 24.2-101
  • Paper ballot: means a tangible ballot that is marked by a voter and then manually counted. See Virginia Code 24.2-101
  • Person: means an individual, corporation, organization, or other legal entity. See Virginia Code 64.2-1900
  • Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Virginia Code 38.2-100
  • Person: means any individual or entity. See Virginia Code 6.2-1600
  • Person with a disability: means a person with a disability as defined by the Virginians with Disabilities Act (§ 51. See Virginia Code 24.2-101
  • Personal representative: includes the executor of a will or the administrator of the estate of a decedent, the administrator of such estate with the will annexed, the administrator of such estate unadministered by a former representative, whether there is a will or not, any person who is under the order of a circuit court to take into his possession the estate of a decedent for administration, and every other curator of a decedent's estate, for or against whom suits may be brought for causes of action that accrued to or against the decedent. See Virginia Code 1-234
  • Personal representative: means an executor, administrator, successor personal representative, or special administrator of a decedent's estate or a person legally authorized to perform substantially the same functions. See Virginia Code 64.2-1900
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
  • political party: means an organization of citizens of the Commonwealth which, at either of the two preceding statewide general elections, received at least 10 percent of the total vote cast for any statewide office filled in that election. See Virginia Code 24.2-101
  • Polling place: means the structure that contains the one place provided for each precinct at which the qualified voters who are residents of the precinct may vote. See Virginia Code 24.2-101
  • Portable electronics: means electronic devices that are portable in nature, accessories to such devices, and services related to the use of the devices. See Virginia Code 38.2-1875
  • Portable electronics insurance: means insurance providing coverage for the repair or replacement of portable electronics that may cover portable electronics against any one or more of the following causes of loss: loss, theft, mechanical failure, malfunction, damage, or other applicable peril. See Virginia Code 38.2-1875
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • Precinct: means the territory designated by the governing body of a county, city, or town to be served by one polling place. See Virginia Code 24.2-101
  • President pro tempore: A constitutionally recognized officer of the Senate who presides over the chamber in the absence of the Vice President. The President Pro Tempore (or, "president for a time") is elected by the Senate and is, by custom, the Senator of the majority party with the longest record of continuous service.
  • primary election: means an election held for the purpose of selecting a candidate to be the nominee of a political party for election to office. See Virginia Code 24.2-101
  • Principal: means any person who, directly or indirectly, owns or controls a 10 percent or greater interest in any entity. See Virginia Code 6.2-1600
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • Proof of compliance: means all fees prescribed by the Board and all documents and forms specified by the Board for demonstrating completion of Board-approved continuing education courses relevant to the license held and for the required number of hours. See Virginia Code 38.2-1868.1
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Public corporation: means the Commonwealth of Virginia or any political subdivision thereof or any incorporated municipality therein or any public agency of the Commonwealth or of any political subdivision thereof or of any municipality therein. See Virginia Code 1-219.1
  • Qualified voter: means a person who is entitled to vote pursuant to the Constitution of Virginia and who is (i) 18 years of age on or before the day of the election or qualified pursuant to § 24. See Virginia Code 24.2-101
  • real estate: includes lands, tenements and hereditaments, and all rights and appurtenances thereto and interests therein, other than a chattel interest. See Virginia Code 1-219
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Recess: A temporary interruption of the legislative business.
  • Reciprocal: means the aggregation of subscribers under a common name. See Virginia Code 38.2-1201
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
  • Referendum: means any election held pursuant to law to submit a question to the voters for approval or rejection. See Virginia Code 24.2-101
  • Registered voter: means any person who is maintained on the Virginia voter registration system. See Virginia Code 24.2-101
  • Registration records: means all official records concerning the registration of qualified voters and shall include all records, lists, applications, and files, whether maintained in books, on cards, on automated data bases, or by any other legally permitted record-keeping method. See Virginia Code 24.2-101
  • Registry: means the mortgage licensing and registration system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators. See Virginia Code 6.2-1600
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Remainderman: One entitled to the remainder of an estate after a particular reserved right or interest, such as a life tenancy, has expired.
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
  • Service of process: The service of writs or summonses to the appropriate party.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Solicit: means attempting to sell insurance or asking or urging a person to apply for a particular class of insurance from one or more insurers. See Virginia Code 38.2-1800
  • Solicitation of professional employment: means obtaining or attempting to obtain, for an attorney, the opportunity to represent or render other legal services to another person, for which services the attorney will or may receive compensation. See Virginia Code 54.1-3939
  • Special election: means any election that is held pursuant to law to fill a vacancy in office or to hold a referendum. See Virginia Code 24.2-101
  • State: includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States. See Virginia Code 64.2-1900
  • State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100
  • Subpoena: A command to a witness to appear and give testimony.
  • Supreme Court: means the Supreme Court of Virginia. See Virginia Code 1-249
  • Surplus lines broker: means a person licensed pursuant to Article 5. See Virginia Code 38.2-1800
  • sworn: means "affirm" or "affirmed. See Virginia Code 1-250
  • Terminate: means the cancellation of the relationship between an insurance producer and the insurer, or the termination of an insurance producer's authority to transact insurance. See Virginia Code 38.2-1800
  • Testator: A male person who leaves a will at death.
  • Testify: Answer questions in court.
  • Title insurance agent: means an agent licensed in the Commonwealth to sell, solicit, or negotiate title insurance, and performing all of the services set forth in § 38. See Virginia Code 38.2-1800
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Town: means any existing town or an incorporated community within one or more counties which became a town before noon, July one, nineteen hundred seventy-one, as provided by law or which has within defined boundaries a population of 1,000 or more and which has become a town as provided by law. See Virginia Code 15.2-102
  • Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
  • Transfer: means a transaction that creates custodial property under § 64. See Virginia Code 64.2-1900
  • Transferor: means a person who makes a transfer under this chapter. See Virginia Code 64.2-1900
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Trust company: means a financial institution, corporation, or other legal entity authorized to exercise general trust powers. See Virginia Code 64.2-1900
  • Trustee: means a trustee under a probated will or an inter vivos trust instrument. See Virginia Code 64.2-100
  • Vendor: means a person in the business of engaging in portable electronics transactions directly or indirectly. See Virginia Code 38.2-1875
  • Viatical settlement broker: means a person licensed pursuant to Chapter 60 (§ 38. See Virginia Code 38.2-1800
  • voter registration system: means the automated central record-keeping system for all voters registered within the Commonwealth that is maintained as provided in Article 2 (§ 24. See Virginia Code 24.2-101
  • Writ: A formal written command, issued from the court, requiring the performance of a specific act.