Sec. 4-105. "Bank"; "Depositary Bank"; "Payor Bank"; "Intermediary Bank"; "Collecting Bank"; "Presenting Bank".
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/il/chapter-810/act-5/4-105A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 4-105. "Bank"; "Depositary Bank"; "Payor Bank"; "Intermediary Bank"; "Collecting Bank"; "Presenting Bank".
In this Article:
(1)"Bank" means any person engaged in the business of banking, including a savings bank, savings and loan association, credit union, or trust company;
(2)"Depositary bank" means the first bank to take an item even though it is also the payor bank, unless the item is presented for immediate payment over the counter;
(3)"Payor bank" means a bank that is the drawee of a draft;
(4)"Intermediary bank" means a bank to which an item is transferred in course of collection except the depositary or payor bank;
(5)"Collecting bank" means a bank handling an item for collection except the payor bank;
(6)"Presenting bank" means a bank presenting an item except a payor bank.