West Virginia Code 46-4-105 – “Bank”; “depositary bank”; “intermediary bank”; “collecting bank”; “payor bank”; “presenting bank.”
Current as of: 2023 | Check for updates
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Terms Used In West Virginia Code 46-4-105
- Draft: means a draft as defined in section 3-104 or an item, other than an instrument, that is an order. See West Virginia Code 46-4-104
- Drawee: means a person ordered in a draft to make payment. See West Virginia Code 46-4-104
- Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See West Virginia Code 46-4-104
(1) "Bank" means a 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.