30-4-105. "Bank" -- "depositary bank" -- "intermediary bank" -- "collecting bank" -- "payor bank" -- "presenting bank".
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/mt/title-30/chapter-4/part-1/30-4-105·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
30-4-105 . "Bank" -- "depositary bank" -- "intermediary bank" -- "collecting bank" -- "payor bank" -- "presenting bank". In this chapter, unless the context otherwise requires:
(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.