2017 Maryland Code
Commercial Law
Title 4 - Bank Deposits and Collections
Subtitle 1 - General Provisions and Definitions
§ 4-105. "Bank"; "depositary bank"; "payor bank"; "intermediary bank"; "collecting bank"; "presenting bank"

Universal Citation: MD Comm L Code § 4-105 (2017)
  • In this title:
    • (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; and
    • (6) "Presenting bank" means a bank presenting an item except a payor bank.
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