Utah Code 70A-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 Utah Code 70A-4-105
- Draft: means a draft as defined in Section
70A-3-104 or an item, other than an instrument, that is an order. See Utah Code 70A-4-104 - Drawee: means a person ordered in a draft to make payment. See Utah Code 70A-4-104
- Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See Utah Code 70A-4-104
- Person: means :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5(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.