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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.)