§490:4-106  Payable through or
payable at bank; collecting bank.  (a)  If an item states that it is
"payable through" a bank identified in the item, (i) the item
designates the bank as a collecting bank and does not by itself authorize the
bank to pay the item, and (ii) the item may be presented for payment only by or
through the bank.



(b)  If an item states that it is "payable
at" a bank identified in the item, (i) the item designates the bank as a
collecting bank and does not by itself authorize the bank to pay the item, and
(ii) the item may be presented for payment only by or through the bank.



(c)  If a draft names a nonbank drawee and it
is unclear whether a bank named in the draft is a co-drawee or a collecting
bank, the bank is a collecting bank. [L 1991, c 118, pt of §4]



 



Note



 



  This section is new.  Former §490:4-106 renumbered as
§490:4-107.