Minnesota Legislature
Office of the Revisor of Statutes
2006 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
336.4-204 METHODS OF SENDING AND PRESENTING; SENDING DIRECTLY TO
PAYOR BANK.
(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, clearinghouse 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.
History: 1965 c 811 s 336.4-204; 1992 c 565 s 86
PAYOR BANK.
(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, clearinghouse 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.
History: 1965 c 811 s 336.4-204; 1992 c 565 s 86
Official Publication of the State of Minnesota
Revisor of Statutes