3634

LAWS OF MARYLAND

Ch. 776

certain notice requirements. and when interest will be
computed and credited on the funds; providing that the
provisions of this Act are severable; and generally relating
to certain deposits.

BY repealing and reenacting, with amendments,

Article - Commercial Law

Section 4-105 and 4-213
Annotated Code of Maryland
(1975 Volume and 1983 Supplement)

BY adding to

Article - Commercial Law

Section 4-215 and 4-216
Annotated Code of Maryland
(1975 Volume and 1983 Supplement).

BY adding to

Article - Financial Institutions
Section 5-309, 6-403, and 9-909
Annotated Code of Maryland
(1980 Volume and 1983 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Commercial Law

4-105.

In this title unless the context otherwise requires:

(a) "Depositary bank" means the first bank to which
an item is transferred for collection even though it is also the
payor bank;

(b) "Payor bank" means a bank by which an item is
payable as drawn or accepted;

(c) "Intermediary bank" means any bank to which an
item is transferred in course of collection except the depositary
or payor bank;

(d) "Collecting bank" means any bank handling the
item for collection except the payor bank;

(e) "Presenting bank" means any bank presenting an
item except a payor bank;