Alabama § 7-4-105 “Bank”; “Depositary Bank”; “Payor Bank”; “Intermediary Bank”; “Collecting Bank”; “Presenting Bank.”

Alabama Statutes

§ 7-4-105 — “Bank”; “Depositary Bank”; “Payor Bank”; “Intermediary Bank”; “Collecting Bank”; “Presenting Bank.”

Alabama·Title 7 Commercial Code·Art. 4 Bank Deposits and Collections·Part 1 General Provisions and Definitions

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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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.

Alabama § 7-4-105 (“Bank”; “Depositary Bank”; “Payor Bank”; “Intermediary Bank”; “Collecting Bank”; “Presenting Bank.”) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.