Forward collection means the proc- ess by which a bank sends a check on a cash basis to a collecting bank for set- tlement or to the paying bank for pay- ment.
Forward collection means the transfer by a bank of a Check to a Collecting Bank for settlement or the Paying Bank for payment. “FRB” shall mean a Federal Reserve Bank.
Forward collection means the transfer by a bank of a check to a Collecting Bank for settlement or the Paying Bank for payment.
Examples of Forward collection in a sentence
Forward collection is defined to mean the process by which a bank sends a check to the paying bank for collection, including sending the check to an intermediary col- lecting bank for settlement, as distinguished from the process by which the check is re- turned unpaid.
Forward collection is defined to mean the process by which a bank sends a check to the paying bank for payment as distinguished from the process by which the check is returned after nonpayment.
More Definitions of Forward collection
Forward collection means the proc- ess by which a bank sends a check on a cash basis to the paying bank for pay- ment.
Forward collection means the process by which a bank sends a check on a cash basis to the payor bank for payment;
Forward collection means the transfer by a bank of a Check to a Collecting Bank for settlement or the paying bank for payment.