§ 8.4-204 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.
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.
History
The record of this law’s original creation isn’t available online. It has been modified 2 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1964, chapter 219; in 1992, chapter 693.
Code 1950, § 6-63; 1964, c. 219; 1992, c. 693.