Illinois § 4-105

Illinois Statutes

§ 4-105

Illinois·Topic BUSINESS AND EMPLOYMENT·Ch. 810 COMMERCIAL CODE·Act 810 ILCS 5/ Uniform Commercial Code.·Art. Article 4 - Bank Deposits And Collections

"Bank"; "Depositary Bank"; "Payor Bank"; "Intermediary Bank"; "Collecting Bank"; "Presenting Bank". In this Article:

(1)"Bank" means any 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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"Bank"; "Depositary Bank"; "Payor Bank"; "Intermediary Bank"; "Collecting Bank"; "Presenting Bank". In this Article: (1) "Bank" means any 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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