§4-105-A. Payable through or payable at bank; collecting bank
(1).
If an item states that it is "payable through" a bank identified in the item:
(a).
The item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item; and
[PL 1993, c. 293, Pt. B, §11 (NEW).]
(b).
The item may be presented for payment only by or through the bank.
[PL 1993, c. 293, Pt. B, §11 (NEW).]
[PL 1993, c. 293, Pt. B, §11 (NEW).]
(2).
If an item states that it is "payable at" a bank identified in the item, the item is equivalent to a draft drawn on that bank.
[PL 1993, c. 293, Pt. B, §11 (NEW).]
(3).
If a draft names a nonbank drawee and it is unclear whether a bank named in the draft is a co-drawee or a collecting bank, the bank is a collecting bank.
[PL 1993, c. 293, Pt. B, §11 (NEW).]
SECTION HISTORY
PL 1993, c. 293, §B11 (NEW).