Turtle Mountain Band of Chippewa Indians of North Dakota - Tribal Law

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Turtle Mountain Band of Chippewa Indians Tribal Code.

24.20.050 "Bank"; "Depositary Bank"; "Payor Bank"; "Intermediary Bank"; "Collecting Bank"; "Presenting Bank"

In this article:

(a) "BANK" means a person engaged in the business of banking, including a savings bank, savings and loan association, credit union, or trust company;

(b) "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;

(c) "PAYOR BANK" means a bank that is the drawee of a draft;

(d) "INTERMEDIARY BANK" means a bank to which an item is transferred in course of collection except the depositary or payor bank;

(e) "COLLECTING BANK" means a bank handling an item for collection except the payor bank;

(f) "PRESENTING BANK" means a bank presenting an item except a payor bank.

Original url: /us/nsn/tmchippewa/council/code/24.20.050

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