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§12A-4-105. Definitions of types of banks.

12A OK Stat § 12A-4-105 (2019) (N/A)
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DEFINITIONS OF TYPES OF BANKS

In this article:

(1) Reserved;

(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.

Added by Laws 1961, p. 122, § 4-105. Amended by Laws 1991, c. 117, § 98, eff. Jan. 1, 1992; Laws 2009, c. 208, § 15, eff. Nov. 1, 2009.

NOTE: Laws 2008, c. 382, § 15 was held unconstitutional by the Oklahoma Supreme Court in the case of Weddington v. Henry, 202 P.3d 143, 2008 OK 102 (2009) and repealed by Laws 2009, c. 208, § 22, eff. Nov. 1, 2009.

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§12A-4-106. Payable through or Payable at Bank; Collecting Bank.