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Simple English definitions for legal terms

payor bank

Read a random definition: Federal Deposit Insurance Corporation (FDIC)

A quick definition of payor bank:

A payor bank is a type of bank that is responsible for paying the amount of a negotiable instrument, such as a check or draft. When a payor bank accepts the instrument, it becomes obligated to pay the specified amount. This type of bank is also known as a drawee bank because it is the drawee of a draft. In the check-collection process, any bank handling an item for collection, except for the payor bank or the depository bank, is called a collecting bank.

A more thorough explanation:

Definition: A financial institution that is responsible for paying the amount of a negotiable instrument, such as a check or draft, when it is presented for payment. The payor bank is also known as the drawee bank because it is the bank that is drawn upon to pay the amount of the instrument.

Example: If you write a check to your friend, your friend's bank will deposit the check into their account. The payor bank is the bank where you have your checking account, and it is responsible for paying the amount of the check to your friend's bank.

Explanation: The payor bank is an important part of the check-clearing process because it is the bank that ultimately pays the amount of the check to the recipient. Without payor banks, checks would not be a reliable form of payment because there would be no guarantee that the check would be paid when presented for payment.

pay-on-death bank account | pay-or-play contract

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m10
11:40
I'll work that in! Sounds like a good way to segway.
m10
11:41
@babycat: yeah, well unlike 99.99% of people who do standup I will.
BulbasaurNoLikeCardio
11:41
To do stand up comedy you have to have fat balls, that is awesome
m10
11:41
Woah, I got little balls. Like Adam Friedland. I ain't no Stavros.
what are we hoping for today?
m10
11:44
Nothing. No news is good news for me.
11:44
Crickets coming from my status update
babycat
11:45
dk are we gonna go to a homoerotic law school together?
11:45
@m10: at undergrad froshers: https://www.youtube.com/watch?v=6YEarMyIAzs
m10
11:46
@EvolBunny: God damn, classic Randy.
babycat
11:48
Going to law school with you is even more fun than going to San Sebastian, Irún, Hendaye, Biarritz, Bayonne or being sick to my stomach on the Travesera de Gracia in Barcelona partly because in your orange shirt you look like a better happier St. Sebastian partly because of my love for you, partly because of your love for yoghurt partly because of the fluorescent orange tulips around the birches partly because of the secrecy our smiles take on before people and statuary
m10
11:49
Man, there is this girl I visit every month at this one restaurant who I used to go skinny dipping with naked like @ararara always talked about in San Diego. We randomly reconnected like two months ago at this place she works at and we talk a lot about John Steinbeck books. If I don't visit her this month, she might be sad. However, this is my first day not sick and I worry about getting her sick and I am broke. What should I do LSD?
m10
11:49
Thanks @babycat that means a lot!
m10
11:50
Glad we can both be content at Scalia law. One of my favorites.
you can ask her if she wants to risk getting sick
11:50
hi lsd
m10
11:50
I dont have her number or any social media. This is one of those regular kinda things in restaurant and bar culture.
11:50
berk td is unlikely so BERK MONDAY :eyes:
hi eggan :)
babycat
11:52
@m10: I’m not going to DC this isn’t going to work out
11:55
hello all
hello info man
@m10: go see her it's worth the risk
11:55
hey wasp
babycat
11:56
hi information man
m10
11:56
Thanks wasp, I will.
11:56
hey babycat
m10
11:56
@babycat: What I am referencing earlier with the balls comment. https://youtu.be/qjRBAhWPT7g?si=MxPwIM12dco_Ad2M&t=3325
BulbasaurNoLikeCardio
11:56
Not worth the risk. Get a girl sick and she will remind you forever. Tell her whats up but do not share germs
m10
11:56
was*
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