New Mexico § 55-4-105 Definitions of types of banks

New Mexico Statutes

§ 55-4-105 — Definitions of types of banks

New Mexico § 55-4-105

Ch. 55Uniform Commercial Code

Art. 4Bank Deposits and Collections

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Bluebook

N.M. Stat. Ann. § 55-4-105 (2026).

Text

In this article:

(1)[Reserved];

(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; and (6) "presenting bank" means a bank presenting an item, except a payor bank.

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In this article: (1) [Reserved]; (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; and (6) "presenting bank" means a bank presenting an item, except a payor bank.