Depositary Bank Law and Legal Definition

According to 12 USCS § 5002 (3) (B), [Title 12. Banks and Banking; Chapter 50. Check Truncation] 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.”