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.Added by Laws 1961, p. 122, § 4-105. Amended by Laws 1991, c. 117, § 98, eff. Jan. 1, 1992; Laws 2009, c. 208, § 15, eff. Nov. 1, 2009.NOTE: Laws 2008, c. 382, § 15 was held unconstitutional by the Oklahoma Supreme Court in the case of Weddington v. Henry, 202 P.3d 143, 2008 OK 102 (2009) and repealed by Laws 2009, c. 208, § 22, eff. Nov. 1, 2009.
Oklahoma Legal Code