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: a. an item directly to the payor bank; b. an item to a nonbank payor ifauthorized by its transferor; and c. an item other than documentary drafts to any nonbank payor, ifauthorized by federal reserve regulation or operating circular, clearing-house 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.
‹ Prev All Iowa sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.