Collection: Payor Banks
Learn about the rules governing payor banks.
Transcript
The payor bank, also called the drawee, is the bank that has been ordered or instructed to make payment. Article 4, Part 3 sets forth various rules governing the rights, duties, and liabilities of payor banks. In this lesson, we’ll highlight several of these rules. For an in-depth exploration of these rules and more, please refer to Quimbee’s comprehensive payment systems outline.
I. Presentment
The final step in the collection process is presentment. Presentment means making a demand for...
