Pennsylvania Code
Title 10 - BANKING AND SECURITIES
Part II - Bureau of Banks
Chapter 30 - NEGOTIABLE ORDER OF WITHDRAWAL ACCOUNTS
Section 30.1 - Definitions

Universal Citation: 10 PA Code ยง 30.1
Current through Register Vol. 54, No. 44, November 2, 2024

The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise:

Commercial bank-A bank, a bank and trust company, or a national bank.

Draft-A negotiable instrument which is an order to pay. Reference should be made to 13 Pa.C.S. § 3104(a) and (b)(1) (relating to form of negotiable instruments; "draft"; "check"; "certificate of deposit"; "note").

NOW-A negotiable order of withdrawal instrument which has all the attributes of negotiability required by 13 Pa.C.S. § 3104(a).

NOW account-An account under the terms of which money may be withdrawn by means of a NOW which requires the savings bank to pay the sum specified to a named third party.

Savings bank-As defined in section 102(x) of the Banking Code (7 P. S. § 102(x)).

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