In this chapter:

Terms Used In Arizona Laws 47-4105

  • Draft: means a draft as defined in section 47-3104 or an item, other than an instrument, that is an order. See Arizona Laws 47-4104
  • Drawee: means a person ordered in a draft to make payment. See Arizona Laws 47-4104
  • including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
  • Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See Arizona Laws 47-4104
  • Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215

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. "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.

3. "Payor bank" means a bank that is the drawee of a draft.

4. "Intermediary bank" means a bank to which an item is transferred in course of collection except the depositary or payor bank.

5. "Collecting bank" means a bank handling the item for collection except the payor bank.

6. "Presenting bank" means any bank presenting an item except a payor bank.