§4-105. "Bank"; "depository bank"; "intermediary bank"; "collecting bank"; "payor

Link to law: http://legislature.vermont.gov/statutes/section/09A/004/00105
Published: 2015

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The Vermont Statutes Online



Title

09A

:
Uniform Commercial Code






Chapter

004

:
Bank Deposits and Collections











 

§

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 compan;.

(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.)
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