Minnesota Statutes 336.4-105 – “Bank”; “Depositary Bank”; “Intermediary Bank”; “Collecting Bank”; “Payor Bank”; “Presenting Bank”
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Terms Used In Minnesota Statutes 336.4-105
- Draft: means a draft as defined in section 336. See Minnesota Statutes 336.4-104
- Drawee: means a person ordered in a draft to make payment;
(9) "Item" means an instrument or a promise or order to pay money handled by a bank for collection or payment. See Minnesota Statutes 336.4-104
(1) “Bank” means a person engaged in the business of banking, including a savings bank, savings 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.