New Jersey Statutes 12A:4-105. “Bank”; “depositary bank”; “payor bank”; “intermediary bank”; “collecting bank”; “presenting bank”
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Terms Used In New Jersey Statutes 12A:4-105
- Bank: means a person engaged in the business of banking, including a savings bank, savings and loan association, credit union, or trust company. See New Jersey Statutes 12A:4-105
- Draft: means a draft as defined in 12A:3-104 or an item, other than an instrument, that is an order. See New Jersey Statutes 12A:4-104
- Drawee: means a person ordered in a draft to make payment. See New Jersey Statutes 12A:4-104
- Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See New Jersey Statutes 12A:4-104
- Payor bank: means a bank that is the drawee of a draft. See New Jersey Statutes 12A:4-105
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
As used in this chapter:
a. “Bank” means a person engaged in the business of banking, including a savings bank, savings and loan association, credit union, or trust company.
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 an item for collection except the payor bank;
f. “Presenting bank” means a bank presenting an item except a payor bank.
L.1995,c.28,s.2.