State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-71

§53‑71.  Checks payable in exchange.

In order to preventaccumulation of unnecessary amounts of currency in the vaults of the banks andtrust companies chartered by this State, all checks drawn on said banks andtrust companies shall, unless specified on the face thereof to the contrary bythe maker or makers thereof, be payable at the option of the drawee bank, inexchange drawn on the reserve deposits of said drawee bank when any such checkis presented by or through any federal reserve bank, post office, or expresscompany, or any respective agents thereof. (1921, c. 20, s. 2; C.S., s.220(aa).)