New Mexico § 55-4-110 Electronic presentment

New Mexico Statutes

§ 55-4-110 — Electronic presentment

New Mexico·Ch. 55 Uniform Commercial Code·Art. 4 Bank Deposits and Collections

(a)"Agreement for electronic presentment" means an agreement, clearing-house rule or federal reserve regulation or operating circular providing that presentment of an item may be made by transmission of an image of an item or information describing the item ("presentment notice") rather than delivery of the item itself. The agreement may provide for procedures governing retention, presentment, payment, dishonor and other matters concerning items subject to the agreement.

(b)Presentment of an item pursuant to an agreement for presentment is made when the presentment notice is received.

(c)If presentment is made by presentment notice, a reference to "item" or "check" in this article means the presentment notice unless the context otherwise indicates.

Free access — add to your briefcase to read the full text and ask questions with AI

(a) "Agreement for electronic presentment" means an agreement, clearing-house rule or federal reserve regulation or operating circular providing that presentment of an item may be made by transmission of an image of an item or information describing the item ("presentment notice") rather than delivery of the item itself. The agreement may provide for procedures governing retention, presentment, payment, dishonor and other matters concerning items subject to the agreement. (b) Presentment of an item pursuant to an agreement for presentment is made when the presentment notice is received. (c) If presentment is made by presentment notice, a reference to "item" or "check" in this article means the presentment notice unless the context otherwise indicates.

New Mexico § 55-4-110 (Electronic presentment) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.