Connecticut General Statutes 42a-4-106 – Payable through or payable at bank. Collecting bank
Current as of: 2024 | Check for updates
|
Other versions
(a) If an item states that it is “payable through” a bank identified in the item, (i) the item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item, and (ii) the item may be presented for payment only by or through the bank.
Terms Used In Connecticut General Statutes 42a-4-106
- 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
(b) 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.
(c) If a draft names a nonbank drawee and it is unclear whether a bank named in the draft is a codrawee or a collecting bank, the bank is a collecting bank.