Terms Used In New York Laws > Uniform Commercial Code > Article 4 > Part 3 - Collection of Items: Payor Banks

• Account: means any account with a bank and includes a
  
  checking, time, interest or savings account;
  
  (b) "Afternoon" means the period of a day between noon and
  
  midnight;
  
  (c) "Banking day" means that part of any day on which a bank is
  
  open to the public for carrying on substantially all of its
  
  banking functions;
  
  (d) "Clearing house" means any association of banks or other
  
  payors regularly clearing items;
  
  (e) "Customer" means any person having an account with a bank or
  
  for whom a bank has agreed to collect items and includes a
  
  bank carrying an account with another bank;
  
  (f) "Documentary draft" means any negotiable or non-negotiable
  
  draft with accompanying documents, securities or other papers
  
  to be delivered against honor of the draft;
  
  (g) "Item" means any instrument for the payment of money even
  
  though it is not negotiable but does not include money;
  
  (h) "Midnight deadline" with respect to a bank is midnight on its
  
  next banking day following the banking day on which it
  
  receives the relevant item or notice or from which the time
  
  for taking action commences to run, whichever is later;
  
  (i) "Obligated bank" means the acceptor of a certified check, the
  
  issuer of a cashier's check, or the drawer of a teller's
  
  check;
  
  (j) "Properly payable" includes the availability of funds for
  
  payment at the time of decision to pay or dishonor;
  
  (k) "Remitter" means the buyer from the obligated bank of a
  
  cashier's check or a teller's check, and the drawer of a
  
  certified check;
  
  (l) "Settle" means to pay in cash, by clearing house settlement,
  
  in a charge or credit or by remittance, or otherwise as
  
  instructed. See N.Y. Uniform Commercial Code 4-104
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Depositary bank: means the first bank to which an item is transferred for collection even though it is also the payor bank;
  
  (b) "Payor bank" means a bank by which an item is payable as drawn or accepted;
  
  (c) "Intermediary bank" means any bank to which an item is transferred in course of collection except the depositary or payor bank;
  
  (d) "Collecting bank" means any bank handling the item for collection except the payor bank;
  
  (e) "Presenting bank" means any bank presenting an item except a payor bank;
  
  (f) "Remitting bank" means any payor or intermediary bank remitting for an item. See N.Y. Uniform Commercial Code 4-105
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Original bill: A bill which is drafted by a committee. It is introduced by the committee or subcommittee chairman after the committee votes to report it.
• Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
• Properly payable: includes the availability of funds for
  
  payment at the time of decision to pay or dishonor;
  
  (k) "Remitter" means the buyer from the obligated bank of a
  
  cashier's check or a teller's check, and the drawer of a
  
  certified check;
  
  (l) "Settle" means to pay in cash, by clearing house settlement,
  
  in a charge or credit or by remittance, or otherwise as
  
  instructed. See N.Y. Uniform Commercial Code 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.