Halifax Corp. v. First Union National Bank

I

The primary issue that we consider in this appeal is whether a plaintiff’s cause of action against a bank is precluded by Code § 8.4-406(f), which is a part of Virginia’s Uniform Commercial Code.

II

Halifax Corporation filed its motion for judgment against First Union National Bank and Wachovia Bank, N.A. In Count I of a multi-count motion for judgment, Halifax sought recovery from First Union under Code § 8.4-401, which is a part of Virginia’s Uniform Commercial Code. In Count II, Halifax sought damages based upon First Union’s alleged breach of its deposit agreement with Halifax. In Count…