Terms Used In Virginia Code > Title 8.4 > Part 4 - Relationship Between Payor Bank and Its Customer

• 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

• Acquisition of a branch: means the acquisition of a branch located in a host state, without acquiring the bank of such branch. See Virginia Code 6.2-836
• 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.
• Agency: means the Department of State Police, the Division of Capitol Police, the Virginia Marine Resources Commission, the Virginia Port Authority, the Department of Wildlife Resources, the Virginia Alcoholic Beverage Control Authority, the Department of Conservation and Recreation, or the Department of Motor Vehicles; or the political subdivision or the campus police department of any public institution of higher education of the Commonwealth employing the law-enforcement officer. See Virginia Code 9.1-500
• Appraisal: A determination of property value.
• Arrest: Taking physical custody of a person by lawful authority.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Bank: has the meaning assigned to it in 12 U. See Virginia Code 6.2-836
• Bank: means a corporation authorized by statute to accept deposits and to hold itself out to the public as engaged in the banking business in the Commonwealth. See Virginia Code 6.2-800
• Bank holding company: has the meaning assigned to it in 12 U. See Virginia Code 6.2-836
• Board: means the State Board of Elections. See Virginia Code 24.2-101
• Chief judge: The judge who has primary responsibility for the administration of a court but also decides cases; chief judges are determined by seniority.
• constitutional officer: means a county or city office or officer referred to in Article VII, § 4 of the Constitution of Virginia: clerk of the circuit court, attorney for the Commonwealth, sheriff, commissioner of the revenue, and treasurer. See Virginia Code 24.2-101
• County: means any existing county or such unit hereafter created. See Virginia Code 15.2-102
• De novo branch: means a branch of a bank located in a host state which (i) is originally established by the bank as a branch and (ii) does not become a branch of the bank as a result of the acquisition of another bank or a branch of another bank, or the merger, consolidation, or conversion of any such bank or branch. See Virginia Code 6.2-836
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Department: means the state agency headed by the Commissioner of Elections. See Virginia Code 24.2-101
• Department: means the State Department of Health. See Virginia Code 32.1-3
• Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• 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
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Fiduciary: A trustee, executor, or administrator.
• Financial holding company: has the meaning assigned to it in 12 U. See Virginia Code 6.2-836
• 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 3.2-5129
• 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
• 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.
• Home state: means :

  1. See Virginia Code 6.2-836

• Host state: means a state, other than the home state of a bank, in which the bank maintains, or seeks to establish and maintain, a branch. See Virginia Code 6.2-836
• Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
• Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit.
• Law-enforcement officer: means any person, other than a Chief of Police or the Superintendent of the Department of State Police, who, in his official capacity, is (i) authorized by law to make arrests and (ii) a nonprobationary officer of one of the following agencies:

  a. See Virginia Code 9.1-500

• Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Licensee: means a mortgage lender or mortgage broker licensed by the Commission pursuant to this chapter. See Virginia Code 6.2-1600
• local electoral board: means a board appointed pursuant to § 24. See Virginia Code 24.2-101
• 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
• Mortgage loan: means a loan made to an individual, the proceeds of which are to be used primarily for personal, family or household purposes, which loan is secured by a mortgage or deed of trust upon any interest in one- to four-family residential property located in the Commonwealth, regardless of where made, including the renewal or refinancing of any such loan, but excluding (i) loans to persons related to the lender by blood or marriage and (ii) loans to persons who are bona fide employees of the lender. See Virginia Code 6.2-1600
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• 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
• Oversight: Committee review of the activities of a Federal agency or program.
• Person: means an individual, corporation, partnership, or association or any other legal entity. See Virginia Code 32.1-3
• 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 property: All property that is not real property.
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• 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
• 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
• 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
• Probate: Proving a will
• 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
• 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
• Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). ^{Source: OCC}
• 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 bank: means a bank incorporated under the laws of the Commonwealth and that has its principal place of business in the Commonwealth. See Virginia Code 6.2-800
• Subpoena: A command to a witness to appear and give testimony.
• Summons: Another word for subpoena used by the criminal justice system.
• Supervisor: means a member of the board of supervisors of a county. See Virginia Code 15.2-102
• Testator: A male person who leaves a will at death.
• Town: means any existing town or an incorporated community within one or more counties which became a town before noon, July 1, 1971, 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 1-254
• 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.
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trust business: has the meaning assigned to it in § 6. See Virginia Code 6.2-800
• Verdict: The decision of a petit jury or a judge.
• 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