North Dakota § 41-04-06 (4-106) Payable through or payable at bank - Collecting bank

North Dakota Statutes

§ 41-04-06 — (4-106) Payable through or payable at bank - Collecting bank

North Dakota·Title 41 Uniform Commercial Code·Ch. 41-04 Bank Deposits and Collections

1.If an item states that it is "payable through" a bank identified in the item, the item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item, and the item may be presented for payment only by or through the bank.

2.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.

3.If a draft names a nonbank drawee and it is unclear whether a bank named in the draft is a codrawee or a collecting bank, the bank is a collecting bank.

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1. If an item states that it is "payable through" a bank identified in the item, the item
designates the bank as a collecting bank and does not by itself authorize the bank to
pay the item, and the item may be presented for payment only by or through the bank.
2. 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.
3. If a draft names a nonbank drawee and it is unclear whether a bank named in the draft
is a codrawee or a collecting bank, the bank is a collecting bank.

North Dakota § 41-04-06 ((4-106) Payable through or payable at bank - Collecting bank) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.