47-4204. Methods of sending and presenting; sending directly to payor bank
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 non-bank payor if authorized by its transferor; and
3. An item other than documentary drafts to a non-bank 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 47-4108 47-4109 47-4110 47-4111 47-4201 47-4202 47-4203 47-4204 47-4205 47-4206 47-4207 47-4208 47-4209 47-4210 47-4211 NextLast modified: October 13, 2016