Section 45.04.105. "Bank"; "depositary bank"; "intermediary bank"; "collecting bank"; "payor 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) "collecting bank" means a bank handling an item for collection except the payor bank;
        (3) "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;
        (4) "intermediary bank" means a bank to which an item is transferred in course of collection except the depositary or payor bank;
        (5) "payor bank" means a bank that is the drawee of a draft;
        (6) "presenting bank" means a bank presenting an item except a payor bank.

Authorities

45.03.103;45.04.104

Notes

References

AS 45.03.103 Definitions.
AS 45.04.104 Definitions and index of definitions.

History

(Sec. 4.105 ch 114 SLA 1962; am Sec. 89 ch 35 SLA 1993)