Statutes > New Mexico Statutes > Chapter 55 - Uniform Commercial Code. > Article 4 - Bank Deposits and Collections, 55-4-101 through 55-4-504. > Section 55-4-105 - Definitions of types of banks.

Section 55-4-105 - Definitions of types of banks.

55-4-105. Definitions of types of banks. 

In this article:

(1)     [Reserved];

(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; and

(6)     "presenting bank" means a bank presenting an item, except a payor bank.