N.M. Stat. § 55-4-105

Current through 2024, ch. 69

Section 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.

NMS § 55-4-105

1953 Comp., § 50A-4-105, enacted by Laws 1961, ch. 96, § 4-105; 1992, ch. 114, § 160; 2009, ch. 234, § 13.