In this chapter unless the context otherwise requires:

1. (a) "Depositary bank" means the first bank to which an item is transferred for collection even though it is also the payor bank;
2. (b) "Payor bank" means a bank by which an item is payable as drawn or accepted;
3. (c) "Intermediary bank" means any bank to which an item is transferred for collection even though it is also the payor bank;
4. (d) "Collecting bank" means any bank handling the item for collection except the payor bank;
5. (e) "Presenting bank" means any bank presenting an item except a payor bank;
6. (f) "Remitting bank" means any payor or intermediary bank remitting for an item.