(2) A collecting bank may send:
(a) An item directly to the payor bank;
(b) An item to a nonbank payor if authorized by its transferor; and
(c) 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.
(3) Presentment may be made by a presenting bank at a place where the payor bank or other payor has requested that presentment be made. [1961 c.726 §74.2040; 1963 c.402 §3; 1993 c.545 §87]