(a) Sending of
items. A sender’s Administrative Reserve Bank may direct a sender
other than a Reserve Bank to send any item to a specified Reserve
Bank, whether or not the item is payable in the Reserve Bank’s district.
(b) Handling of items.
(1) The following parties, in the following
order, are deemed to have handled an item that is sent to a Reserve
Bank for collection:
(i) The initial sender;
(ii)
The initial sender’s Administrative Reserve Bank (which is deemed
to have accepted deposit of the item from the initial sender);
(iii) The Reserve Bank that receives
the item from the initial sender (if different from the initial sender’s
Administrative Reserve Bank); and
(iv) Another Reserve Bank, if any, that receives the item from a
Reserve Bank.
(2) A
Reserve Bank that is not described in paragraph (b)(1) of this section
is not a person that handles an item and is not a collecting bank
with respect to an item.
(3) The
identity and order of the parties under paragraph (b)(1) of this section
determine the relationships and the rights and liabilities of the
parties under this subpart, part 229 of this chapter (Regulation CC),
section 13(1) and section 16(13) of the Federal Reserve Act, and the
Uniform Commercial Code. An initial sender’s Administrative Reserve
Bank that is deemed to accept an item for deposit or handle an item
is also deemed to be a sender with respect to that item. The Reserve
Banks that are deemed to handle an item are deemed to be agents or
subagents of the owner of the item, as provided in section 210.6(a).
(c) Checks received at par. The Reserve Banks shall receive cash items and other checks at par.
