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§ 4204. Methods of sending and presenting; sending directly to payor bank

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial Code

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 13 Pa.C.S.A. Commercial Code (Refs & Annos)
Division 4. Bank Deposits and Collections (Refs & Annos)
Chapter 42. Collection of Items: Depositary and Collecting Banks
13 Pa.C.S.A. § 4204
§ 4204. Methods of sending and presenting; sending directly to payor bank
Currentness
(a) Collecting bank to send items by reasonably prompt method.--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) Persons to whom bank may send items.--A collecting bank may send:
(1) an item directly to the payor bank;
(2) an item to a nonbank payor if authorized by its transferor; and
(3) an item other than documentary drafts to a nonbank payor, if authorized by Federal Reserve regulation or operating circular, clearinghouse rule or the like.
(c) Presentment where payor has requested.--Presentment may be made by a presenting bank at a place where the payor bank or other payor has requested that presentment be made.

Credits

1979, Nov. 1, P.L. 255, No. 86, § 1, effective Jan. 1, 1980. Amended 1992, July 9, P.L. 507, No. 97, § 10, effective in one year.
13 Pa.C.S.A. § 4204, PA ST 13 Pa.C.S.A. § 4204
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document