South Dakota Codified Laws 57A-4-105. “Bank”–“Collecting bank”–“Depositary bank”–“Intermediary bank”–“Payor bank”–“Presenting bank”
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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;
Terms Used In South Dakota Codified Laws 57A-4-105
- Draft: means a draft as defined in §. See South Dakota Codified Laws 57A-4-104
- Drawee: means a person ordered in a draft to make payment. See South Dakota Codified Laws 57A-4-104
- Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See South Dakota Codified Laws 57A-4-104
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
(2) “Collecting bank” means a bank handling an item for collection except the payor bank;
(3) “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;
(4) “Intermediary bank” means a bank to which an item is transferred in course of collection except the depositary or payor bank;
(5) “Payor bank” means a bank that is the drawee of a draft;
(6) “Presenting bank” means a bank presenting an item except a payor bank.
Source: SL 1994, ch 368, § 4-105.