(a) Except as provided in subsection (c), if the drawee of a draft pays oraccepts the draft and the drawee acted on the mistaken belief that (i)payment of the draft had not been stopped pursuant to § 8.4-403 or (ii) thesignature of the drawer of the draft was authorized, the drawee may recoverthe amount of the draft from the person to whom or for whose benefit paymentwas made or, in the case of acceptance, may revoke the acceptance. Rights ofthe drawee under this subsection are not affected by failure of the drawee toexercise ordinary care in paying or accepting the draft.
(b) Except as provided in subsection (c), if an instrument has been paid oraccepted by mistake and the case is not covered by subsection (a), the personpaying or accepting may, to the extent permitted by the law governing mistakeand restitution, (i) recover the payment from the person to whom or for whosebenefit payment was made or (ii) in the case of acceptance, may revoke theacceptance.
(c) The remedies provided by subsection (a) or (b) may not be assertedagainst a person who took the instrument in good faith and for value or whoin good faith changed position in reliance on the payment or acceptance.This subsection does not limit remedies provided by § 8.3A-417 or § 8.4-407.
(d) Notwithstanding § 8.4-213, if an instrument is paid or accepted bymistake and the payor or acceptor recovers payment or revokes acceptanceunder subsection (a) or (b), the instrument is deemed not to have been paidor accepted and is treated as dishonored, and the person from whom payment isrecovered has rights as a person entitled to enforce the dishonoredinstrument.
(Code 1950, § 6-414; 1964, c. 219, § 8.3-418; 1992, c. 693.)
(a) Except as provided in subsection (c), if the drawee of a draft pays oraccepts the draft and the drawee acted on the mistaken belief that (i)payment of the draft had not been stopped pursuant to § 8.4-403 or (ii) thesignature of the drawer of the draft was authorized, the drawee may recoverthe amount of the draft from the person to whom or for whose benefit paymentwas made or, in the case of acceptance, may revoke the acceptance. Rights ofthe drawee under this subsection are not affected by failure of the drawee toexercise ordinary care in paying or accepting the draft.
(b) Except as provided in subsection (c), if an instrument has been paid oraccepted by mistake and the case is not covered by subsection (a), the personpaying or accepting may, to the extent permitted by the law governing mistakeand restitution, (i) recover the payment from the person to whom or for whosebenefit payment was made or (ii) in the case of acceptance, may revoke theacceptance.
(c) The remedies provided by subsection (a) or (b) may not be assertedagainst a person who took the instrument in good faith and for value or whoin good faith changed position in reliance on the payment or acceptance.This subsection does not limit remedies provided by § 8.3A-417 or § 8.4-407.
(d) Notwithstanding § 8.4-213, if an instrument is paid or accepted bymistake and the payor or acceptor recovers payment or revokes acceptanceunder subsection (a) or (b), the instrument is deemed not to have been paidor accepted and is treated as dishonored, and the person from whom payment isrecovered has rights as a person entitled to enforce the dishonoredinstrument.
(Code 1950, § 6-414; 1964, c. 219, § 8.3-418; 1992, c. 693.)
(a) Except as provided in subsection (c), if the drawee of a draft pays oraccepts the draft and the drawee acted on the mistaken belief that (i)payment of the draft had not been stopped pursuant to § 8.4-403 or (ii) thesignature of the drawer of the draft was authorized, the drawee may recoverthe amount of the draft from the person to whom or for whose benefit paymentwas made or, in the case of acceptance, may revoke the acceptance. Rights ofthe drawee under this subsection are not affected by failure of the drawee toexercise ordinary care in paying or accepting the draft.
(b) Except as provided in subsection (c), if an instrument has been paid oraccepted by mistake and the case is not covered by subsection (a), the personpaying or accepting may, to the extent permitted by the law governing mistakeand restitution, (i) recover the payment from the person to whom or for whosebenefit payment was made or (ii) in the case of acceptance, may revoke theacceptance.
(c) The remedies provided by subsection (a) or (b) may not be assertedagainst a person who took the instrument in good faith and for value or whoin good faith changed position in reliance on the payment or acceptance.This subsection does not limit remedies provided by § 8.3A-417 or § 8.4-407.
(d) Notwithstanding § 8.4-213, if an instrument is paid or accepted bymistake and the payor or acceptor recovers payment or revokes acceptanceunder subsection (a) or (b), the instrument is deemed not to have been paidor accepted and is treated as dishonored, and the person from whom payment isrecovered has rights as a person entitled to enforce the dishonoredinstrument.
(Code 1950, § 6-414; 1964, c. 219, § 8.3-418; 1992, c. 693.)
