deposit for collection

A transaction wherein a customer delivers commercial paper to a bank and the bank undertakes as agent for the customer the duty of making the collection. 10 Am J2d Banks § 403.

Ballentine's law dictionary. . 1998.

Look at other dictionaries:

  • deposit — Verb: To put down, as a deposit of earnest money; to put money or things in a place for storage or safekeeping; to put money in a bank at interest or on checking account. Noun: An accumulation; money or an article deposited. See bank deposit;… …   Ballentine's law dictionary

  • collection — A group of things assemhled, as a collection of rocks; an item of husiness of a collection agency or, as the term is sometimes used, of a lawyer in the commercial line; the act of receiving payment of a debt, whether payment be voluntary or… …   Ballentine's law dictionary

  • deposit — I v. To commit to custody, or to lay down; to place; to put; to let fall (as sediment). Jefferson County ex rel. Grauman v. Jefferson County Fiscal Court, 273 Ky. 674, 117 S.W.2d 918, 924. To lodge for safe keeping or as a pledge to intrust to… …   Black's law dictionary

  • collection indorsement — An indorsement on an item that is restrictive because it signifies a purpose of deposit or collection by including words such as for collection , for deposit , pay any bank , or like terms. U.C.C. No. 3 205(c). See also for collection …   Black's law dictionary

  • for deposit — A form of restrictive indorsement. 11 Am J2d B & N § 362. A restrictive indorsement which indicates that the indorsee bank is an agent for collection, not the owner. 10 Am J2d Bks § 403 …   Ballentine's law dictionary

  • Deposit account — Deposits redirects here. For other uses, see Deposit (disambiguation). Banking A series on …   Wikipedia

  • Collection agency — A collection agency is a business that pursues payments of debts owed by individuals or businesses.[1] Most collection agencies operate as agents of creditors and collect debts for a fee or percentage of the total amount owed.[2] There are many… …   Wikipedia

  • Collection item — A collection item (also called a noncash item) is an item presented to a bank for deposit that the bank will not, under its procedures, provisionally credit to the depositor s account or which the bank cannot (due to provisions or law or… …   Wikipedia

  • deposit set — This is a collection of documents required for a stock deposit to be made at CREST; a transfer form and the certificate or certified transfer form. See stock deposit and certification. Dresdner Kleinwort Wasserstein financial glossary …   Financial and business terms

  • Container deposit legislation — Refillable glass bottles collected, and deposits refunded, at a collection point in Bishkek, Kyrgyzstan. Deposit values (from 0.5 to 2 Kyrgyz som, i.e. 2 5 US cents) for various bottle types are posted next to the sample bottles on a rack.… …   Wikipedia

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