'Bank'; 'depository bank'; 'intermediary bank'; 'collecting bank'; 'payor bank'; 'presenting bank' In this article:(1) 'Bank' means a person engaged in the business of banking, including a savings bank, savings and loan association, credit union, or trust company; (2) 'Depository 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;(6) 'Presenting bank' means a bank presenting an item except a payor bank. (Added 1993, No. 158 (Adj. Sess.), § 13, eff. Jan. 1, 1995; 2019, No. 131 (Adj. Sess.), § 11.)
Vermont Legal Code