Louisiana Revised Statutes 10:4-105 – “Bank”; “depositary bank”; “payor bank”; “intermediary bank”; “collecting bank”; “presenting bank”
Terms Used In Louisiana Revised Statutes 10:4-105
- Draft: means a draft as defined in La. See Louisiana Revised Statutes 10:4-104
- Drawee: means a person ordered in a draft to make payment. See Louisiana Revised Statutes 10:4-104
- Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See Louisiana Revised Statutes 10:4-104
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
In this Chapter:
(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.
Acts 1992, No. 1133, §4, eff. July 1, 1993; Acts 1993, No. 948, §10, eff. Jan. 1, 1994.