RS 10:4-105

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RS 10:4-105

§4-105. "Bank"; "depositary bank"; "payor bank"; "intermediary bank"; "collecting bank"; "presenting bank"

In this Chapter:

(1)"Bank" means a 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.

Acts 1992, No. 1133, §4, eff. July 1, 1993; Acts 1993, No. 948, §10, eff. Jan. 1, 1994.