In this division: (1) âBankâ means a person engaged in the business of banking, including a savings bank, savings and loan association, credit union, or trust company. (2) âDepositary bankâ 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) âPayor bankâ means a bank that is the drawee of a draft. (4) âIntermediary bankâ means a bank to which an item is transferred in course of collection except the depositary or payor bank. (5) âCollecting bankâ means a bank handling an item for collection except the payor bank. (6) âPresenting bankâ means a bank presenting an item except a payor bank.
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