§490:4-204 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 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. [L 1965, c 208, §4-204; HRS §490:4-204; am L 1991, c 118, pt of §4]
Section: Previous 490-4-108 490-4-109 490-4-110 490-4-111 490-4-201 490-4-202 490-4-203 490-4-204 490-4-205 490-4-206 490-4-207 490-4-208 490-4-209 490-4-210 490-4-211 NextLast modified: October 27, 2016