(a) A Reserve Bank or a subsequent collecting
bank may, if instructed by the sender, present a noncash item for
acceptance in any manner authorized by law if—
(1) The item provides that it must be presented
for acceptance;
(2) The item is
presented elsewhere than at the residence or place of business of
the payor; or
(3) The date of payment
of the item depends on presentment for acceptance.
(b) Documents accompanying a noncash item shall not be delivered
to the payor upon acceptance of the item unless the sender specifically
authorizes delivery. A Reserve Bank shall not have or assume any other
obligation to present or to send for presentment for acceptance any
noncash item.
