§ 6A-4-105 - "Bank" – "Depositary bank" – "Payor bank" – "Intermediary bank" – "Collecting bank" – "Presenting bank". - Rhode Island Statutes

SECTION 6A-4-105

   § 6A-4-105  "Bank" – "Depositary bank"– "Payor bank" – "Intermediary bank" – "Collecting bank" –"Presenting bank". – In this chapter:

   (1) "Bank" means a person engaged in the business of banking,including a savings bank, savings and loan association, credit union, or trustcompany;

   (2) "Depositary bank" means the first bank to take an itemeven though it is also the payor bank, unless the item is presented forimmediate 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 istransferred in course of collection except the depositary or payor bank;

   (5) "Collecting bank" means a bank handling an item forcollection except the payor bank;

   (6) "Presenting bank" means a bank presenting an item excepta payor bank.