North Carolina General Statutes 25-4-105.1. Payable through or payable at bank; collecting bank
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Terms Used In North Carolina General Statutes 25-4-105.1
- 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
(a) If an item states that it is “payable through” a bank identified in the item, (i) the item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item, and (ii) the item may be presented for payment only by or through the bank.
(b) If an item states that it is “payable at” a bank identified in the item, (i) the item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item, and (ii) the item may be presented for payment only by or through the bank.
(c) If a draft names a nonbank drawee and it is unclear whether a bank named in the draft is a co-drawee or a collecting bank, the bank is a collecting bank. (1995, c. 232, s. 2.)