§ 26-1-4-106 — Payable through or payable at bank; collecting bank

Indiana § 26-1-4-106

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 4: Bank Deposits and Collections

Text

(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:
(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.
(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.
Formerly: Acts 1963, c.317, s.4-106. As amended by
P.L.152-1986, SEC.211; P.L.222-1993, SEC.11.