Uniform Commercial Code
U.C.C. - ARTICLE 4 - BANK DEPOSITS AND COLLECTIONS
..PART 1. GENERAL PROVISIONS AND DEFINITIONS
§ 4-105. "BANK"; "DEPOSITARY BANK"; "PAYOR BANK"; "INTERMEDIARY BANK"; "COLLECTING 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) "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;
- (6) "Presenting bank" means a bank presenting an item except a payor bank.
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