§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 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.
[PL 1993, c. 293, Pt. B, §21 (AMD).]
(2). A collecting bank may send:
(a). An item directly to the payor bank; [PL 1993, c. 293, Pt. B, §21 (AMD).]
(b). An item to a nonbank payor if authorized by its transferor; and [PL 1993, c. 293, Pt. B, §21 (AMD).]
(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. [PL 1993, c. 293, Pt. B, §21 (AMD).]
[PL 1993, c. 293, Pt. B, §21 (AMD).]
(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.
[PL 1993, c. 293, Pt. B, §21 (AMD).]
SECTION HISTORY
PL 1993, c. 293, §B21 (AMD).
Structure Maine Revised Statutes
TITLE 11: UNIFORM COMMERCIAL CODE
Article 4: BANK DEPOSITS AND COLLECTIONS
Part 2: COLLECTION OF ITEMS; DEPOSITARY AND COLLECTING BANKS
11 §4-202. Responsibility for collection or return; when action timely
11 §4-203. Effect of instructions
11 §4-204. Methods of sending and presenting; sending directly to payor bank
11 §4-205. Depositary bank holder of unindorsed item
11 §4-206. Transfer between banks
11 §4-207-A. Transfer warranties
11 §4-207-B. Presentment warranties
11 §4-207-C. Encoding and retention warranties
11 §4-208. Security interest of collecting bank in items, accompanying documents and proceeds
11 §4-209. When bank gives value for purposes of holder in due course
11 §4-211. Media of remittance; provisional and final settlement in remittance cases (REPEALED)
11 §4-211-A. Medium and time of settlement by bank
11 §4-212. Right of charge-back or refund; liability of collecting bank; return of item