(a) Dishonor of a note is governed by the following rules:
(1) If the note is payable on demand, the note is dishonored if presentmentis duly made to the maker and the note is not paid on the day of presentment.
(2) If the note is not payable on demand and is payable at or through a bankor the terms of the note require presentment, the note is dishonored ifpresentment is duly made and the note is not paid on the day it becomespayable or the day of presentment, whichever is later.
(3) If the note is not payable on demand and paragraph (2) does not apply,the note is dishonored if it is not paid on the day it becomes payable.
(b) Dishonor of an unaccepted draft other than a documentary draft isgoverned by the following rules:
(1) If a check is duly presented for payment to the payor bank otherwise thanfor immediate payment over the counter, the check is dishonored if the payorbank makes timely return of the check or sends timely notice of dishonor ornonpayment under § 8.4-301 or § 8.4-302, or becomes accountable for theamount of the check under § 8.4-302.
(2) If a draft is payable on demand and paragraph (1) does not apply, thedraft is dishonored if presentment for payment is duly made to the drawee andthe draft is not paid on the day of presentment.
(3) If a draft is payable on a date stated in the draft, the draft isdishonored if (i) presentment for payment is duly made to the drawee andpayment is not made on the day the draft becomes payable or the day ofpresentment, whichever is later, or (ii) presentment for acceptance is dulymade before the day the draft becomes payable and the draft is not acceptedon the day of presentment.
(4) If a draft is payable on elapse of a period of time after sight oracceptance, the draft is dishonored if presentment for acceptance is dulymade and the draft is not accepted on the day of presentment.
(c) Dishonor of an unaccepted documentary draft occurs according to the rulesstated in subsections (b) (2), (3), and (4), except that payment oracceptance may be delayed without dishonor until no later than the close ofthe third business day of the drawee following the day on which payment oracceptance is required by those paragraphs.
(d) Dishonor of an accepted draft is governed by the following rules:
(1) If the draft is payable on demand, the draft is dishonored if presentmentfor payment is duly made to the acceptor and the draft is not paid on the dayof presentment.
(2) If the draft is not payable on demand, the draft is dishonored ifpresentment for payment is duly made to the acceptor and payment is not madeon the day it becomes payable or the day of presentment, whichever is later.
(e) In any case in which presentment is otherwise required for dishonor underthis section and presentment is excused under § 8.3A-504, dishonor occurswithout presentment if the instrument is not duly accepted or paid.
(f) If a draft is dishonored because timely acceptance of the draft was notmade and the person entitled to demand acceptance consents to a lateacceptance, from the time of acceptance the draft is treated as never havingbeen dishonored.
(Code 1950, §§ 6-432 through 6-435, 6-436, 6-462, 6-464 through 6-469, 6-471,6-496, 6-500 through 6-502, 6-505; 1964, c. 219, §§ 8.3-501, 8.3-507,8.3-511; 1992, c. 693.)
(a) Dishonor of a note is governed by the following rules:
(1) If the note is payable on demand, the note is dishonored if presentmentis duly made to the maker and the note is not paid on the day of presentment.
(2) If the note is not payable on demand and is payable at or through a bankor the terms of the note require presentment, the note is dishonored ifpresentment is duly made and the note is not paid on the day it becomespayable or the day of presentment, whichever is later.
(3) If the note is not payable on demand and paragraph (2) does not apply,the note is dishonored if it is not paid on the day it becomes payable.
(b) Dishonor of an unaccepted draft other than a documentary draft isgoverned by the following rules:
(1) If a check is duly presented for payment to the payor bank otherwise thanfor immediate payment over the counter, the check is dishonored if the payorbank makes timely return of the check or sends timely notice of dishonor ornonpayment under § 8.4-301 or § 8.4-302, or becomes accountable for theamount of the check under § 8.4-302.
(2) If a draft is payable on demand and paragraph (1) does not apply, thedraft is dishonored if presentment for payment is duly made to the drawee andthe draft is not paid on the day of presentment.
(3) If a draft is payable on a date stated in the draft, the draft isdishonored if (i) presentment for payment is duly made to the drawee andpayment is not made on the day the draft becomes payable or the day ofpresentment, whichever is later, or (ii) presentment for acceptance is dulymade before the day the draft becomes payable and the draft is not acceptedon the day of presentment.
(4) If a draft is payable on elapse of a period of time after sight oracceptance, the draft is dishonored if presentment for acceptance is dulymade and the draft is not accepted on the day of presentment.
(c) Dishonor of an unaccepted documentary draft occurs according to the rulesstated in subsections (b) (2), (3), and (4), except that payment oracceptance may be delayed without dishonor until no later than the close ofthe third business day of the drawee following the day on which payment oracceptance is required by those paragraphs.
(d) Dishonor of an accepted draft is governed by the following rules:
(1) If the draft is payable on demand, the draft is dishonored if presentmentfor payment is duly made to the acceptor and the draft is not paid on the dayof presentment.
(2) If the draft is not payable on demand, the draft is dishonored ifpresentment for payment is duly made to the acceptor and payment is not madeon the day it becomes payable or the day of presentment, whichever is later.
(e) In any case in which presentment is otherwise required for dishonor underthis section and presentment is excused under § 8.3A-504, dishonor occurswithout presentment if the instrument is not duly accepted or paid.
(f) If a draft is dishonored because timely acceptance of the draft was notmade and the person entitled to demand acceptance consents to a lateacceptance, from the time of acceptance the draft is treated as never havingbeen dishonored.
(Code 1950, §§ 6-432 through 6-435, 6-436, 6-462, 6-464 through 6-469, 6-471,6-496, 6-500 through 6-502, 6-505; 1964, c. 219, §§ 8.3-501, 8.3-507,8.3-511; 1992, c. 693.)
(a) Dishonor of a note is governed by the following rules:
(1) If the note is payable on demand, the note is dishonored if presentmentis duly made to the maker and the note is not paid on the day of presentment.
(2) If the note is not payable on demand and is payable at or through a bankor the terms of the note require presentment, the note is dishonored ifpresentment is duly made and the note is not paid on the day it becomespayable or the day of presentment, whichever is later.
(3) If the note is not payable on demand and paragraph (2) does not apply,the note is dishonored if it is not paid on the day it becomes payable.
(b) Dishonor of an unaccepted draft other than a documentary draft isgoverned by the following rules:
(1) If a check is duly presented for payment to the payor bank otherwise thanfor immediate payment over the counter, the check is dishonored if the payorbank makes timely return of the check or sends timely notice of dishonor ornonpayment under § 8.4-301 or § 8.4-302, or becomes accountable for theamount of the check under § 8.4-302.
(2) If a draft is payable on demand and paragraph (1) does not apply, thedraft is dishonored if presentment for payment is duly made to the drawee andthe draft is not paid on the day of presentment.
(3) If a draft is payable on a date stated in the draft, the draft isdishonored if (i) presentment for payment is duly made to the drawee andpayment is not made on the day the draft becomes payable or the day ofpresentment, whichever is later, or (ii) presentment for acceptance is dulymade before the day the draft becomes payable and the draft is not acceptedon the day of presentment.
(4) If a draft is payable on elapse of a period of time after sight oracceptance, the draft is dishonored if presentment for acceptance is dulymade and the draft is not accepted on the day of presentment.
(c) Dishonor of an unaccepted documentary draft occurs according to the rulesstated in subsections (b) (2), (3), and (4), except that payment oracceptance may be delayed without dishonor until no later than the close ofthe third business day of the drawee following the day on which payment oracceptance is required by those paragraphs.
(d) Dishonor of an accepted draft is governed by the following rules:
(1) If the draft is payable on demand, the draft is dishonored if presentmentfor payment is duly made to the acceptor and the draft is not paid on the dayof presentment.
(2) If the draft is not payable on demand, the draft is dishonored ifpresentment for payment is duly made to the acceptor and payment is not madeon the day it becomes payable or the day of presentment, whichever is later.
(e) In any case in which presentment is otherwise required for dishonor underthis section and presentment is excused under § 8.3A-504, dishonor occurswithout presentment if the instrument is not duly accepted or paid.
(f) If a draft is dishonored because timely acceptance of the draft was notmade and the person entitled to demand acceptance consents to a lateacceptance, from the time of acceptance the draft is treated as never havingbeen dishonored.
(Code 1950, §§ 6-432 through 6-435, 6-436, 6-462, 6-464 through 6-469, 6-471,6-496, 6-500 through 6-502, 6-505; 1964, c. 219, §§ 8.3-501, 8.3-507,8.3-511; 1992, c. 693.)
