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Depositary bank

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Definition Edit

A depositary bank is

(i) the first bank to which a check is transferred, even if such bank is also the paying bank or the payee; or

(ii) a bank to which a check is transferred for deposit in an account at such bank, even if the check is physically received and indorsed first by another bank.[1]

References Edit

  1. 12 U.S.C. §5002(3)(B).

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