Official Code of Georgia Annotated

Title 11. COMMERCIAL CODE · Chapter 4. · Article 4. BANK DEPOSITS AND COLLECTIONS · Part 2. COLLECTION OF ITEMS: DEPOSITARY AND COLLECTING BANKS

11-4-204. Methods of sending and presenting; sending directly to payor bank.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

(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. (1)
  An item directly to the payor bank;#
2. (2)
  An item to a nonbank payor if authorized by its transferor; and#
3. (3)
  An item other than documentary drafts to a nonbank payor, if authorized by federal reserve 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.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1933, § 109A-4-204, enacted by Ga. L. 1962, p. 156, § 1; Ga. L. 1963, p. 188, § 11; Ga. L. 1996, p. 1306, § 6.

Law reviews

For article on the 1963 amendment (Ga. L. 1963, p. 189) to the Georgia Uniform Commercial Code, see 14 Mercer L. Rev. 378 (1963).

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t11-(v9)-2022-pdf.pdf, Volume V9, 2022 edition, page 497; merge action: carried; file SHA-256 ad397fccbf21.

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