Section 55-4-105 - Definitions of types of banks. - New-mexico Statutes

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Statutes > New-mexico > Chapter-55 > Article-4 > Section-55-4-105

55-4-105. 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.

State Codes and Statutes

Statutes > New-mexico > Chapter-55 > Article-4 > Section-55-4-105

55-4-105. 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.

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State Codes and Statutes

Statutes > New-mexico > Chapter-55 > Article-4 > Section-55-4-105

55-4-105. 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.