Common use of REVERSING CREDITS Clause in Contracts

REVERSING CREDITS. Credits or entries made by mistake to an account of THE CUSTOMER may be reversed by THE BANK through the corresponding debit. Likewise, since any credits made by THE BANK to an account of THE CUSTOMER by reason of the deposit of a check or the negotiation of a document is on the condition that said check or document shall be paid upon maturity, it is understood that if it is not paid on that date, THE BANK is authorized to make the corresponding debit, being entitled, in addition, to collect the interest and commissions caused. It is understood that the debit can be made even if the documents cannot be returned.

REVERSING CREDITS. Credits or entries made by mistake to an account of THE CUSTOMER CLIENT may be reversed by THE BANK through the corresponding debit. Likewise, since any credits credit made by THE BANK to an account of THE CUSTOMER CLIENT by reason of the deposit of a check or the negotiation of a document is on under the condition that said check or document shall will be paid upon at maturity, it is understood that if it is Is not paid on that date, date THE BANK is authorized to make the corresponding debit, being entitledable, in addition, to collect the interest and commissions caused. It is understood that the debit can be made even if the documents cannot be returned.