§ 30-4-301 Deferred posting — recovery of payment by return of items — time of dishonor — return of items by payor bank
§ 30-4-302 Payor bank’s responsibility for late return of item
§ 30-4-303 When items subject to notice, stop order, legal process or setoff — order in which items may be charged or certified

Terms Used In Montana Code > Title 30 > Chapter 4 > Part 3 - Collection of Items -- Payor Banks

  • account: means any deposit or credit account with a bank and includes a demand, time, savings, passbook, share draft, or like account, other than an account evidenced by a certificate of deposit;

    (b)"afternoon" means the period of a day between noon and midnight;

    (c)"banking day" means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions;

    (d)"clearinghouse" means an association of banks or other payors regularly clearing items;

    (e)"customer" means a person having an account with a bank or for whom a bank has agreed to collect items and includes a bank maintaining an account at another bank;

    (f)"documentary draft" means a draft to be presented for acceptance or payment if specified documents, certificated securities (30-8-112) or instructions for uncertificated securities (30-8-112), or other certificates, statements, or the like are to be received by the drawee or other payor before acceptance or payment of the draft;

    (g)"draft" means a draft as defined in 30-3-104 or an item, other than an instrument, that is an order;

    (h)"item" means an instrument or a promise or an order to pay money handled by a bank for collection or payment. See Montana Code 30-4-104

  • bank: means any 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 an item for collection except the payor bank;

    (6)"presenting bank" means a bank presenting an item except a payor bank. See Montana Code 30-4-105

  • Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
  • Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
  • settle: means to pay in cash, by clearinghouse settlement, in a charge or credit or by remittance, or otherwise as agreed. See Montana Code 30-4-104
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Statute: A law passed by a legislature.