                                 CODE OF VIRGINIA

METHODS OF SENDING AND PRESENTING; SENDING DIRECTLY TO PAYOR BANK (§ 8.4-204)

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.

HISTORY: Code 1950, § 6-63; 1964, c. 219; 1992, c. 693.