'Bank'; 'depository bank'; 'intermediary bank'; 'collecting bank'; 'payor bank'; 'presenting bank'

  1. Law
  2. Vermont Statutes
  3. Uniform Commercial Code
  4. Bank Deposits And Collections
  5. 'Bank'; 'depository bank'; 'intermediary bank'; 'collecting bank'; 'payor bank'; 'presenting bank'

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§ 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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