Wisconsin Statutes 404.204 – Methods of sending and presenting; sending directly to payer bank
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Terms Used In Wisconsin Statutes 404.204
- Clearinghouse: means an association of banks or other payers regularly clearing items. See Wisconsin Statutes 404.104
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See Wisconsin Statutes 404.104
(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.
(2) A collecting bank may send any of the following:
(a) An item directly to the payer bank.
(b) An item to a nonbank payer if authorized by its transferor.
(c) An item other than documentary drafts to a nonbank payer, 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 payer bank or other payer has requested that presentment be made.