(a) Presenting
or sending. As provided under state law or as otherwise permitted
by this section—
(1) A Reserve
Bank or a subsequent collecting bank may present an item for payment
or send the item for presentment and payment; and
(2) A Reserve Bank may send an item to
a subsequent collecting bank with authority to present it for payment
or to send it for presentment and payment.
(b) Place of presentment. A Reserve Bank or
subsequent collecting bank may present an item—
(1) At a place requested by the paying
bank;
(2) In accordance with section
229.36 of this chapter (Regulation CC);
(3) At a place requested by the nonbank
payor, if the item is payable by a nonbank payor other than through
or at a paying bank;
(4) Under a
special collection agreement consistent with this subpart; or
(5) Through a clearinghouse and subject
to its rules and practices.
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(c) Presenting or sending direct. A Reserve Bank or subsequent collecting
bank may, with respect to an item that may be sent to the paying bank
or nonbank payor in the Reserve Bank’s District—
(1) present or send the item direct to
the paying bank, or to a place requested by the paying bank; or
(2) if the item is payable by a nonbank
payor other than through a paying bank, present it direct to the nonbank
payor. Documents, securities, or other papers accompanying a noncash
item shall not be delivered to the nonbank payor before the item is
paid unless the sender specifically authorizes delivery.
(d) Item sent to another District. A Reserve Bank receiving an item that may be sent to a paying bank
or nonbank payor in another District ordinarily sends the item to
the Reserve Bank of the other District, but with the agreement of
the other Reserve Bank, may present or send the item as if it were
sent to a paying bank or nonbank payor in its own District.
