Montana Code 30-4-110. Payable through or payable at bank — collecting bank
30-4-110. Payable through or payable at bank — collecting bank. (1) If an item states that it is “payable through” a bank identified in the item:
Terms Used In Montana Code 30-4-110
- bank: means any 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. See Montana Code 30-4-105
(a)the item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item; and
(b)the item may be presented for payment only by or through the bank.
(2)If an item states that it is “payable at” a bank identified in the item, the item is drawn on the bank.