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2018 Code of Virginia
Title 8.4 - Commercial Code - Bank Deposits and Collections
Sections
§ 8.4-105. "Bank"; "depositary bank"; "intermediary bank"; "collecting bank"; "payor bank"; "presenting bank."
Universal Citation: VA Code § 8.4-105 (2018)
In this title:
(1) "Bank" means a person engaged in the business of banking, including a savings institution, 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 the 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.
1964, c. 219; 1992, c. 693; 2010, c. 794.
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