Depositary Bank; Intermediary Bank; Collecting Bank;

Payor Bank; Presenting Bank; Remitting Bank. In this division 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;

(f)Remitting bank means any payor or intermediary bank remitting for an item.

(g)Each branch or separate office of a bank shall be deemed a separate bank for the purpose of the definitions in this section.