§ 210.15. Direct presentment of certain warrants.
110 words·~1 min read·
/us/cfr/t12/s§ 210.15·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If a Reserve Bank elects to present direct to the payor a bill, note, or warrant that is issued and payable by a State or a political subdivision and that is a cash item not payable or collectible through a bank:
(a)Sections 210.9, 210.12, and 210.13 and the operating circulars of the Reserve Banks apply to the payor as if it were a paying bank;
(b)§ 210.14 applies to the payor as if it were a bank; and
(c)under § 210.9 each day on which the payor is open for the regular conduct of its affairs or the accommodation of the public is considered a banking day.