Kentucky Statutes 355.4-105 – “Depositary bank” — “Payor bank” — “Intermediary bank” — “Collecting bank” — “Presenting bank.”
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In this article:
(1) (Reserved);
(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 the item for collection except the payor bank; and
(6) “Presenting bank” means a bank presenting an item except a payor bank.
Effective: July 12, 2006
History: Amended 2006 Ky. Acts ch. 242, sec. 46, effective July 12, 2006. — Amended
1996 Ky. Acts ch. 130, sec. 76, effective January 1, 1997. — Created 1958 Ky. Acts ch. 77, sec. 4-105, effective July 1, 1960.
(1) (Reserved);
Terms Used In Kentucky Statutes 355.4-105
- 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
(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 the item for collection except the payor bank; and
(6) “Presenting bank” means a bank presenting an item except a payor bank.
Effective: July 12, 2006
History: Amended 2006 Ky. Acts ch. 242, sec. 46, effective July 12, 2006. — Amended
1996 Ky. Acts ch. 130, sec. 76, effective January 1, 1997. — Created 1958 Ky. Acts ch. 77, sec. 4-105, effective July 1, 1960.