Payable through or payable at bank -- collecting bank

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6. Payable through or payable at bank -- collecting bank

30-4-110. Payable through or payable at bank -- collecting bank. (1) If an item states that it is "payable through" a bank identified in the item:

(a) the item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item; and

(b) the item may be presented for payment only by or through the bank.

(2) If an item states that it is "payable at" a bank identified in the item, the item is drawn on the bank.

History: En. Sec. 159, Ch. 410, L. 1991.

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