57A-4-105. "Bank"--"Collecting bank"--"Depositary bank"--"Intermediary bank"--"Payor bank"--"Presenting bank".
120 words·~1 min read·
/sd/title-57/chapter-57-4/57a-4-105A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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)"Collecting bank" means a bank handling an item for collection except the payor bank;
(3)"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;
(4)"Intermediary bank" means a bank to which an item is transferred in course of collection except the depositary or payor bank;
(5)"Payor bank" means a bank that is the drawee of a draft;
(6)"Presenting bank" means a bank presenting an item except a payor bank.