24.20.050 "Bank"; "Depositary Bank"; "Payor Bank"; "Intermediary Bank"; "Collecting Bank"; "Presenting Bank"

In this article:

(a) "BANK" means a person engaged in the business of banking, including a savings bank, savings and loan association, credit union, or trust company;

(b) "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;

(c) "PAYOR BANK" means a bank that is the drawee of a draft;

(d) "INTERMEDIARY BANK" means a bank to which an item is transferred in course of collection except the depositary or payor bank;

(e) "COLLECTING BANK" means a bank handling an item for collection except the payor bank;

(f) "PRESENTING BANK" means a bank presenting an item except a payor bank.