§ 25-4-105. "Bank"; "depositary bank"; "intermediary bank"; "collecting bank"; "payor bank"; "presenting bank". - North Carolina Statutes

§25‑4‑105.  "Bank"; "depositary bank";"intermediary bank"; "collecting bank"; "payorbank"; "presenting bank".

In this Article:

(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)        "Depositarybank" means the first bank to take an item even though it is also thepayor bank, unless the item is presented for immediate payment over thecounter.

(3)        "Payorbank" means a bank that is the drawee of a draft.

(4)        "Intermediarybank" means a bank to which an item is transferred in course of collectionexcept the depositary or payor bank.

(5)        "Collectingbank" means a bank handling an item for collection except the payor bank.

(6)        "Presentingbank" means a bank presenting an item except a payor bank. (1965,c. 700, s. 1; 1995, c. 232, s. 2.)