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§ 4-106. Designation as a collecting bank

West's Annotated Code of MarylandCommercial Law

West's Annotated Code of Maryland
Commercial Law
Title 4. Bank Deposits and Collections (Refs & Annos)
Subtitle 1. General Provisions and Definitions (Refs & Annos)
MD Code, Commercial Law, § 4-106
§ 4-106. Designation as a collecting bank
Currentness
(a) If an item states that it is “payable through” a bank identified in the item, (i) the item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item, and (ii) the item may be presented for payment only by or through the bank.
(b) If an item states that it is “payable at” a bank identified in the item:
(1) The item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item; and
(2) The item may be presented for payment only by or through the bank.
(c) If a draft names a nonbank drawee and it is unclear whether a bank named in the draft is a codrawee or a collecting bank, the bank is a collecting bank.

Credits

Added by Acts 1996, c. 91, § 2, eff. Jan. 1, 1997.
MD Code, Commercial Law, § 4-106, MD COML § 4-106
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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