Official Code of Georgia Annotated

Title 11. COMMERCIAL CODE · Chapter 4. · Article 4. BANK DEPOSITS AND COLLECTIONS · Part 1. GENERAL PROVISIONS AND DEFINITIONS

11-4-105. “Bank”; “depositary bank”; “payor bank”; “intermediary bank”; “collecting bank”; “presenting bank.”

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

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)
“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.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1933, § 109A-4-105, enacted by Ga. L. 1962, p. 156, § 1; Ga. L. 1996, p. 1306, § 4; Ga. L. 1997, p. 143, § 11.

Code Commission notes

Pursuant to Code Section 28-9-5, in 1996, the period at the end of section catchline was moved inside the ending quotation marks.

Law reviews

For comment on Trust Co. of Columbus v. Refrigeration Supplies, Inc., 241 Ga. 406, 246 S.E.2d 282 (1978), discussing liability of collecting and payor banks for payment of check over missing endorsement of copayee, see 13 Ga. L. Rev. 677 (1979).

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t11-(v9)-2022-pdf.pdf, Volume V9, 2022 edition, pages 488 to 489; merge action: carried; file SHA-256 ad397fccbf21.

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