Montana § 30-4-204 Methods Of Sending And Presenting -- Sending Directly To Payor Bank

Montana Statutes

§ 30-4-204 — Methods Of Sending And Presenting -- Sending Directly To Payor Bank

Montana·Title 30 TRADE AND COMMERCE·Ch. 4 UNIFORM COMMERCIAL CODE BANK DEPOSITS AND COLLECTIONS·Part 2 Collection of Items Depositary and Collecting Banks

30-4-204 . Methods of sending and presenting -- sending directly to payor bank.

(1)A collecting bank shall send items by a reasonably prompt method, taking into consideration any relevant instructions, the nature of the item, the number of those items on hand, and the cost of collection involved and the method generally used by it or others to present those items.

(2)A collecting bank may send:

(a)an item directly to the payor bank;

(b)an item to any nonbank payor if authorized by its transferor; and

(c)an item other than documentary drafts to a nonbank payor, if authorized by federal reserve regulation or operating circular, clearinghouse rule or the like.

(3)Presentment may be made by a presenting bank at a place where the payor bank or other payor has requested that presentment be

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30-4-204 . Methods of sending and presenting -- sending directly to payor bank. (1) A collecting bank shall send items by a reasonably prompt method, taking into consideration any relevant instructions, the nature of the item, the number of those items on hand, and the cost of collection involved and the method generally used by it or others to present those items.
(2) A collecting bank may send:
(a) an item directly to the payor bank;
(b) an item to any nonbank payor if authorized by its transferor; and
(c) an item other than documentary drafts to a nonbank payor, if authorized by federal reserve regulation or operating circular, clearinghouse rule or the like.
(3) Presentment may be made by a presenting bank at a place where the payor bank or other payor has requested that presentment be made.

Montana § 30-4-204 (Methods Of Sending And Presenting -- Sending Directly To Payor Bank) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.