CODE OF VIRGINIA

“BANK”; “DEPOSITARY BANK”; “INTERMEDIARY
BANK”; “COLLECTING BANK”; “PAYOR BANK”;
“PRESENTING BANK.” (§ 8.4-105)

In this title:

1. “Bank” means a person engaged in the business of banking,
including a savings institution, credit union or trust company;

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 the course of collection except the depositary or payor bank;

5. “Collecting bank” means a bank handling an item for collection
except the payor bank;

6. “Presenting bank” means a bank presenting an item except a payor
bank.

HISTORY: 1964, c. 219; 1992, c. 693; 2010, c. 794.