South Carolina § 36-4-105 Definitions of types of banks.

South Carolina Statutes

§ 36-4-105 — Definitions of types of banks.

South Carolina·Title 36 COMMERCIAL CODE·Ch. 4 COMMERCIAL CODE—BANK DEPOSITS AND COLLECTIONS

In this chapter:

(1)"Bank" means a 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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In this chapter: (1) "Bank" means a 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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