N.Y. Uniform Commercial Code 3-120 – Instruments “Payable Through” Bank
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Section 3–120. Instruments "Payable Through" Bank.
Terms Used In N.Y. Uniform Commercial Code 3-120
- Instrument: means a negotiable instrument. See N.Y. Uniform Commercial Code 3-102
An instrument which states that it is "payable through" a bank or the like designates that bank as a collecting bank to make presentment but does not of itself authorize the bank to pay the instrument.