Connecticut General Statutes 42a-4-105 – “Bank”. “Depositary bank”. “Payor bank”. “Intermediary bank”. “Collecting bank”. “Presenting bank”
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Terms Used In Connecticut General Statutes 42a-4-105
- draft: means a draft as defined in section 42a-3-104 or an item, other than an instrument, that is an order. See Connecticut General Statutes 42a-4-104
- drawee: means a person ordered in a draft to make payment. See Connecticut General Statutes 42a-4-104
- item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See Connecticut General Statutes 42a-4-104
(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) “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;
(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.