§12A-4-105. Definitions of types of banks.
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/ok/title-12a-uniform-commercial-code/12a-4-105·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
DEFINITIONS OF TYPES OF BANKS
In this article:
(1)Reserved;
(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; and
(6)"Presenting bank" means a bank presenting an item except a payor bank. Added by Laws 1961, p. 122, § 4-105. Amended by Laws 1991, c. 117, § 98, eff. Jan. 1, 1992; Laws 2009, c. 208, § 15, eff. Nov. 1, 2009. NOTE: Laws 2008, c. 382, § 15 was held unconstitutional by the Oklahoma Supreme Court in the case of Weddington v. Henry, 202 P.3d 143, 2008 OK 102
(2009)and repealed by Laws 2009, c. 208, § 22, eff. Nov. 1, 2009.