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Section 6A-4-105 "Bank" - "Depositary bank" - "Payor bank" - "Intermediary bank" - "Collecting bank" - "Presenting bank".

RI Gen L § 6A-4-105 (2019) (N/A)
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§ 6A-4-105. "Bank" - "Depositary bank" - "Payor bank" - "Intermediary bank" - "Collecting bank" - "Presenting bank". In this chapter:

(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.

History of Section. (P.L. 2000, ch. 238, § 4; P.L. 2000, ch. 421, § 4.)

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Section 6A-4-104 Definitions and index of definitions.
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Section 6A-4-106 Payable through or payable at bank: collecting bank.