Section 440.4105 - Additional definitions. - Michigan Statutes

UNIFORM COMMERCIAL CODE (EXCERPT)
Act 174 of 1962

440.4105 Additional definitions.

Sec. 4105.

As used in this article unless the context otherwise requires:

(a) “Bank” means a person engaged in the business of banking, including a saving bank, saving 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 the item for collection except the payor bank.

(f) “Presenting bank” means a bank presenting an item except a payor bank.

History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993