AG4 Holding, LLC, et al. v. Regency Title & Escrow Services, Inc., et al., 98 Va. Cir. 89

HOLDINGS: [1]-A demurrer to a Va. Code Ann. § 8.4A-207 claim was sustained where the LLC and its sole member could not ignore that Va. Code Ann. § 8.4A-207(b) most likely applied, and thus, they needed to add factual allegations to more clearly support their position; [2]-The bank's objection to the negligence claim was not sustained where it was unclear whether the claim was preempted by Va. Code Ann. §§ 8.4A-211 and 8.4A-212, other than duty, the elements of negligence had been sufficiently pled, and the economic loss rule did not apply given the allegations of fraud and a misstep y the bank that resulted in the disappearance of funds; [3]-A conversion claim was preempted by Va. Code Ann. § 8.4A-404(a) where the statute expressly stated that the bank had an obligation to pay the funds to the beneficiary listed on the order at the moment of acceptance.