§ 4—105. “Bank”; “depository bank”; “intermediary bank”; “collecting bank”; “payor bank”; “presenting bank”
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/vt/4-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 4—105. “Bank”; “depository bank”; “intermediary bank”; “collecting bank”; “payor bank”; “presenting bank”
In this article:
(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)“Depository 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. (Added 1993, No. 158 (Adj. Sess.), § 13, eff. Jan. 1, 1995; 2019, No. 131 (Adj. Sess.), § 11.)