4-4-204. Methods of sending and presenting — Sending directly to payor bank.

Arkansas Code — all titles (historical 2020) · legal_authorities

4-4-204. Methods of sending and presenting — Sending directly to payor bank.

4-4-204. 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.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-4-204

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.