“Bank”; “depositary bank”; “payor bank”; “intermediary bank”; “collecting bank”; “presenting bank”

1. Law
2. US Virgin Islands Code
3. Uniform Commercial Code
4. Bank Deposits and Collections
5. General Provisions and Definitions
6. “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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