Page:United States Statutes at Large Volume 77.djvu/729

 77 STAT. ]

PUBLIC LAW 88-243-DEC. 30, 1963

(3) The following definitions in other articles apply to this article: "Acceptance", Section 28:3—410. "Certificate of deposit". Section 28:3—lOi. "Certification". Section 28:3—411. "Check". Section 28:3—104. "Draft". Section 28:3—104. "Holder in due course". Section 28:3—302. "Notice of dishonor". Section 28:3—508. "Presentment". Section 28:3—504. "Protest". Section 28:3—509. "Secondary party". Section 28:3—102. (4) I n addition article 1 contains general definitions and principles Of construction and interpretation applicable throughout this article. §28:4—105. "Depositary bank"; "intermediary bank"; "collecting bank"; "payor bank"; "presenting bank"; "remitting bank" In this article 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 intennediary bank remitting for an item. § 28:4—106. Separate office of a bank A branch or separate office of a bank is a separate bank foi* the purpose of computing the time within which and determining the place at or to which action may be taken or notices or orders shall be given under this article and under article 3. The receipt of any notice or order by or the knowledge of one branch or separate office of a bank is not actual or constructive notice to or knowledge of any other branch or office of the same bank and does not impair the right of another branch or office to be a holder in due course of an item. §28:4—107. Time of receipt of items (1) For the purpose of allowing time to process items, prove balances and make the necessary entries on its books to determine its position for the day, a bank may fix an afternoon hour of two P.M. or later as a cut-off hour for the handling of money and items and the making of entries on its books. (2) Any item or deposit of money received on any day after a cutoff hour so fixed or after the close of the banking day may be treated as being received at the openinjg of the next banking day. §28:4—108. Delays (1) Unless otherwise instructed, a collecting bank in a good faith effort to secure payment may, in the case of specific items and with or without the approval of any person involved, waive, modify or extend time limits imposed or permitted by this subtitle for a period not in excess of an additional banking day without discharge of secondary parties and without liability to its transferor or any prior party. (2) Delay by a collecting bank or payor bank beyond time limits prescribed or permitted by this subtitle or by instructions is excused if

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