Vermont Statutes Title 9 Sec. 4-105
Terms Used In Vermont Statutes Title 9 Sec. 4-105
- Draft: means a draft as defined in § 3—104 or an item, other than an instrument, that is an order;
- Drawee: means a person ordered in a draft to make payment;
- Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
§ 4—105. “Bank”; “depository bank”; “intermediary bank”; “collecting bank”; “payor bank”; “presenting bank”
In this article:
(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) “Depository 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. (Added 1993, No. 158 (Adj. Sess.), § 13, eff. Jan. 1, 1995; 2019, No. 131 (Adj. Sess.), § 11.)