§ 34.1-3-904 — Presentment, dishonor, payment, or other activities within a central depository system

(a) If both parties for whom or with respect to which a
deposited instrument is to be presented, dishonored, paid or
otherwise acted upon or with respect to in a manner covered by
this article are users or participants having a contractual
relationship with the registered clearing corporation having
control of the deposited instrument, then, in addition to other
methods, presentment, dishonor, or payment of or other activity
covered by this article with respect to a deposited instrument
or any interest therein may be effected by the making of
appropriate entries on the books of the registered clearing
corporation having control of the deposited instrument in
accordance with the rules, regulations, operating procedures and
the like adopted or promulgated by the registered clearing
corporation from time to time.
(b) Under this section entries may be with respect to like
instruments or interests therein as part of a fungible bulk and
may refer merely to a quantity of a particular instrument
without reference to the name of the payee, number or the like
and, in appropriate cases, may be on a net basis taking into
account other presentments, dishonors, or payments of, or other
activities with respect to the same instrument.
(c) That entries on the books of the registered clearing
corporation as provided in subsection (a) of this section are
not appropriate does not affect the validity or effect of the
entries or the liabilities or obligations of the registered
clearing corporation to any person adversely affected thereby.