Utah Code 70A-4-105. “Bank” — “Collecting bank” — “Depositary bank” — “Intermediary bank” — “Payor bank” — “Presenting bank.”
Current as of: 2023 | Check for updates
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In this chapter:
| (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) | “Collecting bank” means a bank handling an item for collection except the payor bank. |
| (3) | “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. |
| (4) | “Intermediary bank” means a bank to which an item is transferred in course of collection except the depositary or payor bank. |
| (5) | “Payor bank” means a bank that is the drawee of a draft. |
| (6) | “Presenting bank” means a bank presenting an item except a payor bank. |
Amended by Chapter 12, 1994 General Session