In this article:

1. (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. (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. (3) Payor bank means a bank that is the drawee of a draft;
4. (4) Intermediary bank means a bank to which an item is transferred in course of collection except the depositary or payor bank;
5. (5) Collecting bank means a bank handling an item for collection except the payor bank;
6. (6) Presenting bank means a bank presenting an item except a payor bank.

Source: L. 94: Entire article amended with relocations, p. 883, § 2, effective January 1, 1995.