Code of Virginia § 8.4-105. "Bank"; "depositary bank"; "intermediary bank"; "collecting bank"; "payor bank"; "presenting bank."

127 words·~1 min read·/va/title-8-4/chapter-1/8-4-105

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

In this title:

(1)"Bank" means a person engaged in the business of banking, including a savings institution, 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 the 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.

1964, c. 219; 1992, c. 693; 2010, c. 794 .