2020 Colorado Revised Statutes
Title 4 - Uniform Commercial Code
Article 4. Bank Deposits and Collections
Section 4-4-204. 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:
An item directly to the payor bank;
An item to a nonbank payor if authorized by its transferor; and
An item other than documentary drafts to a nonbank payor, if authorized by federalreserve 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.
Source: L. 94: Entire article amended with relocations, p. 886, § 2, effective January 1, 1995.