) A collecting bank must send items by reasonably prompt method taking into consideration any relevant instructions, the nature of the item, the number of such items on hand, and the cost of collection involved and the method generally used by it or others to present such items.
(2) A collecting bank may send

(a) Any item direct to the payor bank;

(b) Any item to any nonbank payor if authorized by its transferor;

(c) Any item other than documentary drafts to any nonbank payor, if authorized by Federal Reserve regulation or operating letter, clearinghouse rule or the like;

(d) Any item to any Federal Reserve bank; and
(e) Any item to any other bank or agency thereof.

Items may be sent to the place of business of, or to any place designated by, those to whom items may be sent under paragraphs (a), (b), (c), (d) or (e).

COL120106
13 Guam Code Ann. UNIFORM COMMERCIAL CODE
DIV. 4 BANK DEPOSITS AND COLLECTIONS

§ 4205. Supplying Missing Indorsement; No Notice from Prior
Indorsement.
(1) A depositary bank which has taken an item for collection may supply any indorsement of the customer which is necessary to title unless
the item contains the words Apayee’s indorsement required@ or the like. In
the absence of such a requirement a statement placed on the item by the
depositary bank to the effect that the item was deposited by a customer or credited to his account is effective as the customer’s indorsement.

(2) An intermediary bank, or payor bank which is not a depositary bank, is neither given notice nor otherwise affected by a restrictive indorsement of any person except the bank’s immediate transferor.