(a) A collecting bank shall send items by a reasonably prompt method, taking into consideration relevant instructions, the nature of the item, the number of those items on hand, the cost of collection involved, and the method generally used by it or others to present those items.
(b) A collecting bank may send:
(1) An item directly to the payor bank;
(2) An item to a nonbank payor if authorized by its transferor; and
(3) An item other than documentary drafts to a nonbank payor, if authorized by federal reserve regulation or operating circular, clearing-house rule, or the like.
(c) Presentment may be made by a presenting bank at a place where the payor bank or other payor has requested that presentment be made.
Section: Previous 11-4-201 11-4-202 11-4-203 11-4-204 11-4-205 11-4-206 11-4-207 11-4-208 11-4-209 11-4-210 11-4-211 11-4-212 11-4-213 11-4-214 11-4-215 NextLast modified: October 14, 2016