Montana Code Annotated 2019

TITLE 30. TRADE AND COMMERCE

CHAPTER 4. UNIFORM COMMERCIAL CODE BANK DEPOSITS AND COLLECTIONS

Part 1. General Provisions and Definitions

"bank" -- "depositary Bank" -- "intermediary Bank" -- "collecting Bank" -- "payor Bank" -- "presenting Bank"

30-4-105. "Bank" -- "depositary bank" -- "intermediary bank" -- "collecting bank" -- "payor bank" -- "presenting bank". In this chapter, unless the context otherwise requires:

(1) "bank" means any person engaged in the business of banking, including a savings bank, savings and loan association, 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 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: En. Sec. 4-105, Ch. 264, L. 1963; R.C.M. 1947, 87A-4-105; amd. Sec. 158, Ch. 410, L. 1991.