§ 6A-4-204 - Methods of sending and presenting – Sending directly to payor bank. - Rhode-island Statutes

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SECTION 6A-4-204

§ 6A-4-204 Methods of sending andpresenting – Sending directly to payor bank. – (a) A collecting bank shall send items by a reasonably prompt method, takinginto consideration relevant instructions, the nature of the item, the number ofthose items on hand, the cost of collection involved, and the method generallyused 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 itstransferor; 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 placewhere the payor bank or other payor has requested that presentment be made.

State Codes and Statutes

Statutes > Rhode-island > Title-6a > Chapter-6a-4 > 6a-4-204

SECTION 6A-4-204

§ 6A-4-204 Methods of sending andpresenting – Sending directly to payor bank. – (a) A collecting bank shall send items by a reasonably prompt method, takinginto consideration relevant instructions, the nature of the item, the number ofthose items on hand, the cost of collection involved, and the method generallyused 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 itstransferor; 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 placewhere the payor bank or other payor has requested that presentment be made.

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State Codes and Statutes

Statutes > Rhode-island > Title-6a > Chapter-6a-4 > 6a-4-204

SECTION 6A-4-204

§ 6A-4-204 Methods of sending andpresenting – Sending directly to payor bank. – (a) A collecting bank shall send items by a reasonably prompt method, takinginto consideration relevant instructions, the nature of the item, the number ofthose items on hand, the cost of collection involved, and the method generallyused 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 itstransferor; 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 placewhere the payor bank or other payor has requested that presentment be made.