2017 New York Laws
UCC - Uniform Commercial Code
Article 4 - Bank Deposits and Collections
Part 1 - General Provisions and Definitions
4-105 - "Depositary Bank"; "Intermediary Bank"; "Collecting Bank"; "Payor Bank"; "Presenting Bank"; "Remitting Bank".
Section 4--105. "Depositary Bank"; "Intermediary Bank"; "CollectingBank"; "Payor Bank"; "Presenting Bank"; "Remitting
Bank".
In this Article unless the context otherwise requires:
(a) "Depositary bank" means the first bank to which an item is transferred for collection even though it is also the payor bank;
(b) "Payor bank" means a bank by which an item is payable as drawn or accepted;
(c) "Intermediary bank" means any bank to which an item is transferred in course of collection except the depositary or payor bank;
(d) "Collecting bank" means any bank handling the item for collection except the payor bank;
(e) "Presenting bank" means any bank presenting an item except a payor bank;
(f) "Remitting bank" means any payor or intermediary bank remitting for an item.
