Skip to Content
December 27, 2024 Clear | 23°F
The 193rd General Court of the Commonwealth of Massachusetts
  1. General Laws
  2. Part I ADMINISTRATION OF THE GOVERNMENT
  3. Title XV REGULATION OF TRADE
  4. Chapter 106 UNIFORM COMMERCIAL CODE
  5. Article 4 BANK DEPOSITS AND COLLECTIONS
  6. Section 4-105 Bank; Depositary Bank; Payor Bank; Intermediary Bank; Collecting Bank; Presenting Bank

Section 4-105

Section 4-105: Bank; Depositary Bank; Payor Bank; Intermediary Bank; Collecting Bank; Presenting Bank

Section 4–105. In this Article the following words shall have the following meanings unless the context clearly requires otherwise:

(1) ''Bank'', a person engaged in the business of banking, including a savings bank, savings and loan association, credit union, or trust company.

(2) ''Depositary bank'', 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'', a bank that is the drawee of a draft;

(4) ''Intermediary bank'', a bank to which an item is transferred in course of collection except the depositary or payor bank;

(5) ''Collecting bank'', a bank handling an item for collection except the payor bank;

(6) ''Presenting bank'', a bank presenting an item except a payor bank.