Michigan Laws 440.4105 – Additional definitions
Current as of: 2023 | Check for updates
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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.
Terms Used In Michigan Laws 440.4105
- Bank: means a person engaged in the business of banking, including a saving bank, saving and loan association, credit union, or trust company. See Michigan Laws 440.4105
- Draft: means a draft as defined in section 3104 or an item, other than an instrument, that is an order. See Michigan Laws 440.4104
- Drawee: means a person ordered in a draft to make payment. See Michigan Laws 440.4104
- Item: means an instrument or a promise or order to pay money handled by a bank for collection or pay. See Michigan Laws 440.4104
- Payor bank: means a bank that is the drawee of a draft. See Michigan Laws 440.4105
- Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, public corporation, or any other legal or commercial entity. See Michigan Laws 440.1201
(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.