for collection

A form of restrictive indorsement. 12 Am J2d B & N § 1278. A form of restrictive endorsement of commercial paper left with a bank for collection, whereunder the bank becomes a mere agent of the depositor for the purpose of obtaining funds upon the paper. 10 Am J2d Bks § 402. An indorsement which warns the drawee bank that the responsibility of determining the genuineness of the paper is placed upon it. 10 Am J2d Bks § 615.

Ballentine's law dictionary. . 1998.

Look at other dictionaries:

  • for collection — A form of indorsement on a note or check where it is not intended to transfer title to it or to give it credit or currency, but merely to authorize the transferee to collect the amount of it. Such an indorsement is restrictive. U.C.C. No. 3… …   Black's law dictionary

  • indorsement for collection — See for collection …   Ballentine's law dictionary

  • transmission for collection — The sending of commercial paper to a bank for collection. 10 Am J2d Banks § 308 …   Ballentine's law dictionary

  • 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

  • bills for collection — payments to be received or collected …   English contemporary dictionary

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  • collection — Obtaining payment. American Banker Glossary The presentation of a negotiable instrument for payment, or the conversion of any accounts receivable into cash. Bloomberg Financial Dictionary * * * collection col‧lec‧tion [kəˈlekʆn] noun 1.… …   Financial and business terms

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