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Current as of January 01, 2023 | Updated by FindLaw Staff
(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, (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.
(c) If a draft names a nonbank drawee and it is unclear whether a bank named in the draft is a co-drawee or a collecting bank, the bank is a collecting bank.
Cite this article: FindLaw.com - North Carolina General Statutes Chapter 25. Uniform Commercial Code § 25-4-105.1. Payable through or payable at bank; collecting bank - last updated January 01, 2023 | https://codes.findlaw.com/nc/chapter-25-uniform-commercial-code/nc-gen-st-sect-25-4-105-1/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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