ARTICLE 4
BANK DEPOSITS AND COLLECTIONS
11-4-106. Payable through or payable at bank; collecting bank.
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If an item states that it is "payable through" a bank identified in the item, the item (i) designates the bank as a collecting bank and does not by itself authorize the bank to pay the item; and (ii) may be presented for payment only by or through the bank.
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If an item states that it is "payable at" a bank identified in the item, the item (i) designates the bank as a collecting bank and does not by itself authorize the bank to pay the item; and (ii) may be presented for payment only by or through the bank.
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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.
(Code 1981, §11-4-106, enacted by Ga. L. 1996, p. 1306, § 5.)
Editor's notes.
- Ga. L. 1996, p. 1306,
§
5, effective July 1, 1996, renumbered former Code Section 11-4-106 as present Code Section 11-4-107 and added this Code section.
RESEARCH REFERENCES
U.L.A.
- Uniform Commercial Code (U.L.A.)
§
4-106.
