47-4106. Payable through or payable at bank; collecting bank
A. If an item states that it is " payable through" a bank identified in the item:
1. The item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item; and
2. The item may be presented for payment only by or through the bank.
B. If an item states that it is " payable at" a bank identified in the item, the item is equivalent to a draft drawn on the bank.
C. 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.
Section: Previous 47-3604 47-3605 47-4101 47-4102 47-4103 47-4104 47-4105 47-4106 47-4107 47-4108 47-4109 47-4110 47-4111 47-4201 47-4202 NextLast modified: October 13, 2016