New Mexico § 55-4-204 Methods of sending and presenting; sending directly to

New Mexico Statutes

§ 55-4-204 — Methods of sending and presenting; sending directly to

New Mexico § 55-4-204

Ch. 55Uniform Commercial Code

Art. 4Bank Deposits and Collections

This text of New Mexico § 55-4-204 (Methods of sending and presenting; sending directly to) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 55-4-204 (2026).

Text

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 non-bank payor if authorized by its transferor; and (3) an item other than documentary drafts to a non-bank 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.

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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 non-bank payor if authorized by its transferor; and (3) an item other than documentary drafts to a non-bank 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.