Arizona § 47-4106 Payable through or payable at bank; collecting bank

Arizona Statutes

§ 47-4106 — Payable through or payable at bank; collecting bank

Arizona·Title 47 Arizona Revised Statutes·Ch. 4 BANK DEPOSITS AND COLLECTIONS·Art. 1 General Provisions and Definitions

A.If an item states that it is "payable through" a bank identified in the item:

1.The item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item; and

2.The item may be presented for payment only by or through the bank.

B.If an item states that it is "payable at" a bank identified in the item, the item is equivalent to a draft drawn on the bank.

C.If a draft names a nonbank drawee and it is unclear whether a bank named in the draft is a co-drawee or a collecting bank, the bank is a collecting bank.

Free access — add to your briefcase to read the full text and ask questions with AI

A. If an item states that it is "payable through" a bank identified in the item:

1. The item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item; and

2. The item may be presented for payment only by or through the bank.

B. If an item states that it is "payable at" a bank identified in the item, the item is equivalent to a draft drawn on the bank.

C. If a draft names a nonbank drawee and it is unclear whether a bank named in the draft is a co-drawee or a collecting bank, the bank is a collecting bank.

Arizona § 47-4106 (Payable through or payable at bank; collecting bank) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.