Common use of DEPOSITS AND COLLECTIONS Clause in Contracts

DEPOSITS AND COLLECTIONS. The Credit Union may: a) collect or present for acceptance or payment, through such banks or other agents as the Credit Union may deem best, all cheques or other Instruments delivered by the Depositor for deposit, discount, collection, or otherwise, and b) accept in payment of or remittance for such cheques or other Instruments, cash or bank drafts, cheques, settlement cards, clearing house slips, or any other evidence of payment from the banks or other agents. The banks or other agents described in a) and b) above will be deemed the Depositor's agent and not the Credit Union's agent. The Credit Union will not be liable for: a) any loss resulting from the acceptance of such evidence as a payment in lieu of cash, b) the failure of any bank or any agent to remit the same, c) the nonpayment of any cheque, bank draft, settlement card, clearing house slip or any other evidence of payment accepted in payment or as a remittance from any other bank or agent, or d) the default, neglect, or mistakes of any such banks or agents. The Credit Union will be responsible only for the monies actually received by the Credit Union from such banks or agents.

DEPOSITS AND COLLECTIONS. The Credit Union may: a) collect or present for acceptance or payment, through such banks or other agents as the Credit Union may deem best, all cheques or other Instruments delivered by the Depositor Trustee for deposit, discount, collection, or otherwise, and b) accept in payment of or remittance for such cheques or other Instruments, cash or bank drafts, cheques, settlement cards, clearing house slips, or any other evidence of payment from the banks or other agents. The banks or other agents described in a) and b) above will be deemed the DepositorTrustee's agent and not the Credit Union's agent. The Credit Union will not be liable for: a) any loss resulting from the acceptance of such evidence as a payment in lieu of cash, b) the failure of any bank or any agent to remit the same, c) the nonpayment of any cheque, bank draft, settlement card, clearing house slip or any other evidence of payment accepted in payment or as a remittance from any other bank or agent, or d) the default, neglect, or mistakes of any such banks or agents. The Credit Union will be responsible only for the monies actually received by the Credit Union from such banks or agents.

DEPOSITS AND COLLECTIONS. The Credit Union may: a) collect or present for acceptance or payment, through such banks or other agents as the Credit Union may deem best, all cheques or other Instruments delivered by the Depositor for deposit, discount, collection, or otherwise, and b) accept in payment of or remittance for such cheques or other Instruments, cash or bank drafts, cheques, settlement cards, clearing house slips, or any other evidence of payment from the banks or other agents. The banks or other agents described in a) and b) above will be deemed the Depositor's agent and not the Credit Union's agent. The Credit Union will not be liable for: a) any loss resulting from the acceptance of such evidence as a payment in lieu of cash, b) the failure of any bank or any agent to remit the same, c) the nonpayment of any cheque, bank draft, settlement card, clearing house slip slip, or any other evidence of payment accepted in payment or as a remittance from any other bank or agent, or d) the default, neglect, or mistakes of any such banks or agents. The Credit Union will be responsible only for the monies actually received by the Credit Union from such banks or agents.