Presenting noncash items for acceptance.

CFR · 2024-01-01 · US · Title 12

(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 may be 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.

official document · source cfr-2024 · id 12:§ 210.8