400.4-106. Payable through or payable at bank--collecting bank. - Missouri Statutes

Payable through or payable at bank--collecting bank.

400.4-106. (a) If an item states that it is "payablethrough" a bank identified in the item, (i) the item designatesthe bank as a collecting bank and does not by itself authorizethe bank to pay the item, and (ii) the item may be presented forpayment only by or through the bank.

(b) If an item states that it is "payable at" a bankidentified in the item, (i) the item designates the bank as acollecting bank and does not by itself authorize the bank to paythe item, and (ii) the item may be presented for payment only byor through the bank.

(c) If a draft names a nonbank drawee and it is unclearwhether a bank named in the draft is a co-drawee or a collectingbank, the bank is a collecting bank.

(L. 1992 S.B. 448)

*No continuity with § 400.4-106 as repealed by L. 1992 S.B. 448.