North Carolina General Statutes 25-4-105. “Bank”; “depositary bank”; “intermediary bank”; “collecting bank”; “payor bank”; “presenting bank”
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In this Article:
(1) “Bank” means a person engaged in the business of banking, including a savings bank, savings and loan association, credit union, or trust company.
Terms Used In North Carolina General Statutes 25-4-105
- Draft: means a draft as defined in N. See North Carolina General Statutes 25-4-104
- Drawee: means a person ordered in a draft to make payment. See North Carolina General Statutes 25-4-104
- Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See North Carolina General Statutes 25-4-104
(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 an item for collection except the payor bank.
(6) “Presenting bank” means a bank presenting an item except a payor bank. (1965, c. 700, s. 1; 1995, c. 232, s. 2.)