§ 8.4-105 — "Bank"; "depositary bank"; "intermediary bank"; "collecting bank"; "payor bank"; "presenting bank."

Virginia § 8.4-105

• Jurisdiction: Virginia
• Title 8.4: COMMERCIAL CODE — BANK DEPOSITS AND COLLECTIONS
• Part 1: GENERAL PROVISIONS AND DEFINITIONS

Text

In this title:

(1) "Bank" means a person engaged in the business of banking, including a savings institution, 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 the 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.

Legislative History

1964, c. 219; 1992, c. 693; 2010, c. 794.