TITLE 28

COMMERCIAL TRANSACTIONS

CHAPTER 4

UNIFORM COMMERCIAL CODE — BANK DEPOSITS AND COLLECTIONS

PART 1.

GENERAL PROVISIONS AND DEFINITIONS

28-4-105.  "Bank" — "Depositary bank" — "Intermediary bank" — "Collecting bank" — "Payor bank" — "Presenting bank." 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)  "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 the item for collection except the payor bank;

(6)  "Presenting bank" means a bank presenting an item except a payor bank.

History:

[28-4-105, added 1967, ch. 161, sec. 4-105, p. 351; am. 1993, ch. 288, sec. 7, p. 1056.]