Kentucky Statutes 355.4-106 – Payable through or payable at bank — Collecting bank
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(1) If an item states that it is “payable through” a bank identified in the item:
(a) The item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item; and
(b) The item may be presented for payment only by or through the bank.
(2) If an item states that it is “payable at” a bank identified in the item, the item is equivalent to a draft drawn on the bank.
(3) If a draft names a nonbank drawee and it is unclear whether a bank named in the draft is a co-drawee or a collecting bank, the bank is a collecting bank.
Effective: January 1, 1997
History: Created 1996 Ky. Acts ch. 130, sec. 77, effective January 1, 1997.
History for former KRS § 355.4-106: Repealed, reenacted, renumbered as KRS
355.4-107, and amended, 1996 Ky. Acts ch. 130, sec. 78, effective January 1, 1997. –
– Amended 1964 Ky. Acts ch. 130, sec. 7, effective July 1, 1964. — Created 1958 Ky. Acts ch. 77, sec. 4-106, effective July 1, 1960.
(a) The item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item; and
Terms Used In Kentucky Statutes 355.4-106
- Draft: means a draft as defined in KRS §. See Kentucky Statutes 355.4-104
- Drawee: means a person ordered in a draft to make payment. See Kentucky Statutes 355.4-104
- Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See Kentucky Statutes 355.4-104
(b) The item may be presented for payment only by or through the bank.
(2) If an item states that it is “payable at” a bank identified in the item, the item is equivalent to a draft drawn on the bank.
(3) If a draft names a nonbank drawee and it is unclear whether a bank named in the draft is a co-drawee or a collecting bank, the bank is a collecting bank.
Effective: January 1, 1997
History: Created 1996 Ky. Acts ch. 130, sec. 77, effective January 1, 1997.
History for former KRS § 355.4-106: Repealed, reenacted, renumbered as KRS
355.4-107, and amended, 1996 Ky. Acts ch. 130, sec. 78, effective January 1, 1997. –
– Amended 1964 Ky. Acts ch. 130, sec. 7, effective July 1, 1964. — Created 1958 Ky. Acts ch. 77, sec. 4-106, effective July 1, 1960.