SECTION 674.1061. Payable through or payable at bank; collecting bank.

Latest version.

1(1) 2If an item states that it is “payable through” a bank identified in the item:
17(a) 18The item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item; and
40(b) 41The item may be presented for payment only by or through the bank.
54(2) 55If an item states that it is “payable at” a bank identified in the item:
70(a) 71The item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item; and
93(b) 94The item may be presented for payment only by or through the bank.
107(3) 108If 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.

History.-s. 12, ch. 92-82.

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