Okla. Stat. tit. 12A § 4-105

Current through Laws 2024, c. 453.

Section 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.

Okla. Stat. tit. 12A, § 4-105

Added by Laws 1961, SB 36, p. 122, § 4-105; Amended by Laws 1991, SB 25, c. 117, § 98, eff. 1/1/1992; Amended by Laws 2008 , SB 1708, c. 382, § 15, eff. 11/1/2008 (Laws 2008, SB 1708, c. 382 held unconstitutional and void by Weddington v. Henry, 2008 OK 102, 202 P.3d 143, and repealed by Laws 2009 , SB 991, c. 208, § 22, eff. 11/1/2009); Amended by Laws 2009 , SB 991, c. 208, § 15, eff. 11/1/2009.

Oklahoma Code Comment

Prior Statutory Provisions:

6 O.S. §§ 118a-118e, 118i, 118j.

Text and derivation of prior provisions, see Appendix at end of this title.

Comment:

Oklahoma previously used the terms: "Bank of Deposit," "Collecting Bank" or "Agent Collecting Bank", and "Payor Bank." They were not defined, but the term "bank of deposit" is used in former 6 O.S. §§ 118a and 118c in the same sense as the Commercial Code's definition of "Depositary Bank". The term "payor bank" was used in former 48 O.S. § 118c in the same sense as the definition of the term in paragraph (b) of the Commercial Code. In place of the terms "intermediary bank", and "presenting bank" Oklahoma formerly used the more general terms of "collecting bank" or "agent collecting bank," and sometimes "subsequent bank." The Commercial Code definitions are more precise, but do not change the substance of Oklahoma law.