Section 30.1. Definitions

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NOW account—An account under the terms of which money may be withdrawn by means of a NOW which requires the savings bank to pay the sum specified to a named third party.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

The provisions of this § 30.1 amended through August 14, 1981, effective August 15, 1981, 11 Pa.B. 2847. Immediately preceding text appears at serial pages (47313) and (53080).