Section 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:(1) An item directly to the payor bank;(2) An item to a nonbank payor if authorized by its transferor; and(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.Okla. Stat. tit. 12A, § 4-204
Laws 1961, p. 124, § 4-204; Amended by Laws 1991, SB 25, c. 117, § 108, eff. 1/1/1992.Oklahoma Code Comment
Prior Statutory Provisions:
6 O.S. §§ 118d, 118e.
Text and derivation of prior provisions, see Appendix at end of this title.
Comment:
(1) Former 6 O.S. § 118d (which was section 5 of the A. B. A. Bank Collection Code) imposed the duty of ordinary care, but it did not elaborate in the manner of the Commercial Code as to what constitutes prompt methods of forwarding the items.
(2) (a) Former Oklahoma law is in accord, former 6 O.S. §118e(A) (1).
(b) and (c) There are no comparable previous provisions of Oklahoma law, but former 6 O.S. § 118e(C) had a broad catch-all provision which undoubtedly included these methods of forwarding the item.