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Current as of January 01, 2020 | Updated by FindLaw Staff
(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 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, 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.
Cite this article: FindLaw.com - Virginia Code Title 8.4. Commercial Code Bank Deposits and Collections § 8.4-204. Methods of sending and presenting; sending directly to payor bank - last updated January 01, 2020 | https://codes.findlaw.com/va/title-8-4-commercial-code-bank-deposits-and-collections/va-code-sect-8-4-204/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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