Sec. 42a-4-204. Methods of sending and presenting. Sending directly to payor bank. - Connecticut Statutes

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Statutes > Connecticut > Title42a > Art004 > Sec42a-4-204

      Sec. 42a-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, clearinghouse 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.

      (1959, P.A. 133, S. 4-204; 1963, P.A. 526, S. 9; P.A. 91-304, S. 82.)

      History: 1963 act added Subsec. (3) re making of presentment; P.A. 91-304 replaced numeric with alphabetic Subsec. indicators and alphabetic with numeric Subdiv. indicators, amended Subsec. (a) to make minor changes in wording and punctuation, amended Subsec. (b) to make minor changes in wording and punctuation and replace "operating letter" with "operating circular" and amended Subsec. (c) to add "or other payor".

State Codes and Statutes

Statutes > Connecticut > Title42a > Art004 > Sec42a-4-204

      Sec. 42a-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, clearinghouse 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.

      (1959, P.A. 133, S. 4-204; 1963, P.A. 526, S. 9; P.A. 91-304, S. 82.)

      History: 1963 act added Subsec. (3) re making of presentment; P.A. 91-304 replaced numeric with alphabetic Subsec. indicators and alphabetic with numeric Subdiv. indicators, amended Subsec. (a) to make minor changes in wording and punctuation, amended Subsec. (b) to make minor changes in wording and punctuation and replace "operating letter" with "operating circular" and amended Subsec. (c) to add "or other payor".

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State Codes and Statutes

Statutes > Connecticut > Title42a > Art004 > Sec42a-4-204

      Sec. 42a-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, clearinghouse 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.

      (1959, P.A. 133, S. 4-204; 1963, P.A. 526, S. 9; P.A. 91-304, S. 82.)

      History: 1963 act added Subsec. (3) re making of presentment; P.A. 91-304 replaced numeric with alphabetic Subsec. indicators and alphabetic with numeric Subdiv. indicators, amended Subsec. (a) to make minor changes in wording and punctuation, amended Subsec. (b) to make minor changes in wording and punctuation and replace "operating letter" with "operating circular" and amended Subsec. (c) to add "or other payor".