depositary bank
Defined in 1 place of the United States Code.
The term “depositary bank” means—
(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.
Source
- 2003–present12 U.S.C. § 5002Banks and Banking · Definitions · for purposes of this chapter