BANKS AND TRUST COMPANIES. 151

1929, ch 454, sec 89

89. Items Received Through, the Mail. Where the item is received
by mail by a solvent drawee or payor bank, it shall be deemed paid when
the amount is finally charged to the account of the maker or drawer.

1929. ch. 454, sec. 90.

90. Items Lost in Transit. Where an agent bank forwards an item
for collection, it shall not be responsible for its loss or destruction in
transit or, when in the possession of others, for its inability to repossess
itself thereof, provided there has been no lack of ordinary care on its part.

1929, ch 454, sec. 91.

91. Medium of Payment. Where ordinary care is exercised, any
agent collecting bank may receive in payment of an item without becom-
ing responsible as debtor therefor, whether presented by mail, through the
clearing house or over the counter of the drawee or payor, in lieu of money,
either (a) the check or draft of the drawee or payor upon another bank
or (b) the check or draft of any other bank upon any bank other than the
drawee or payor of the item or (c) such method of settlement as may be
customary in a local clearing house or between clearing banks or otherwise;
provided that whenever such agent collecting bank shall request or accept
in payment an unconditional credit which has been given to it on the books
of the drawee or payor or on the books of any other bank, such agent
collecting bank shall become debtor for such item and shall be responsible
therefor as if the proceeds were actually received by it in money.

1929, ch 454, sec. 92

92. Medium of Remittance. Where ordinary care is exercised, any
agent collecting bank may receive from any subsequent bank in the chain
of collection in remittance for an item which has been paid, in lieu of
money, the check or draft of the remitting bank upon any bank other than
itself or the drawee or payor of the item or such other method of settle-
ment as may be customary; provided that whenever such agent collecting
bank shall request or accept an unconditional credit which has been given
to it on the books of the remitting bank or on the books of any other bank,
such agent collecting bank shall become debtor for such item and shall be
responsible therefor as if the proceeds were actually received by it in
money.

1929. ch 454. sec. 93.

93. Election to Treat as Dishonored Items Presented by Mail. Where
an item is duly presented by mail to the drawee or payor, whether or
not the same has been charged to the account of the maker or drawer
thereof or returned to such maker or drawer, the agent collecting bank so
presenting may, at its election, exercised with reasonable diligence, treat
such item as dishonored by non-payment and recourse may be had upon
prior parties thereto in any of the following cases: