North Dakota Code 41-04-16 – (4-204) Methods of sending and presenting – Sending directly to payor bank
Current as of: 2023 | Check for updates
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1. A collecting bank shall send items by a reasonably prompt method taking into consideration any 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.
Terms Used In North Dakota Code 41-04-16
- Authorized: when used with reference to a financing statement record, means that the financing statement record was filed by a person authorized to do so as provided in sections 41-09-80 and 41-09-130. See North Dakota Code 41-10-01
- Rule: includes regulation. See North Dakota Code 1-01-49
2. A collecting bank may send:
a. An item directly to the payor bank.
b. An item to any nonbank payor if authorized by its transferor.
c. An item other than a documentary draft to a nonbank payor, if authorized by federal reserve regulation or operating circular, clearinghouse rule, or the like.
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.