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LSDefine

Simple English definitions for legal terms

collection item

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A quick definition of collection item:

A collection item is something that a bank takes from a customer, like a piece of paper saying they owe money, but the bank doesn't give the customer credit for it until they actually get paid. There are different types of collection items, like drafts, which are written orders for someone to pay money, and overdrafts, which happen when someone spends more money than they have in their account. Drafts can be different kinds, like sight drafts that can be paid right away, or time drafts that have a specific payment date. The word "draft" can also mean when the government makes people join the military, or when someone writes a first version of something, like a contract.

A more thorough explanation:

A collection item is an item, such as a documentary draft, that a bank takes for a customer's account but does not credit until payment for the item has been received. For example, an export draft is a type of collection item that a domestic seller draws on a foreign buyer, directing the buyer to pay the trade amount to the seller or the seller's bank.

Another example of a collection item is a sight draft, which is payable on the bearer's demand or on proper presentment to the drawer. A check is the most common example of a draft.

Collection items are important in banking because they allow for secure and efficient payment transactions between parties. By taking a collection item, a bank can ensure that payment is received before crediting the customer's account.

collection indorsement | collective-bargaining agreement

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LOL they love our tears
I mean, you got to be a bit of a sadist to be in adcoms lol
JumpySubsequentDolphin
11:09
does WUSTL send emails or call?
JumpySubsequentDolphin
11:09
or both?
11:10
I got a call first
JumpySubsequentDolphin
11:10
I interviewed like two weeks ago, not sure how quick they get back to peeps post interview
JumpySubsequentDolphin
11:10
but my interview was a disaster so not holding onto hope
Late to the party but my name is Paul Leachman in Delray Beach, FL (WashU pls respond)
11:11
Why is it taking so long for WashU to get back to me. Ppl are getting acceptances in a month or less
letsseehowitgoesnow
11:11
...
triplethread
11:11
@BookLover125: RETWEET
triplethread
11:12
is it bad i lied about getting into case western bc my parents are bugging me about my first a
@BookLover125: they are so impressed with your application they are renaming the library after you before admitting you
Do you know not everyone says they were ED?
11:12
No they shouldn’t be bugging you this is stressful enough without them adding More. Do what u gotta do
11:13
Got jokes I see
triplethread
11:13
its sooo stressful and im not even done applying
Just apply and get the A lol
triplethread
11:13
got like 3 more apps
there should be a law school draft akin to the NFL Draft where law schools can recruit us
or a MaxPreps esque high light video where Deans can rank us
1a2b3c4d26z
11:15
In this analogy is the LSAT the NFL combine
JumpySubsequentDolphin
11:16
I told my family I won’t get any decisions until 2025 so they wouldn’t bombard me hahah
no i think there should be a Law School combine with all new drills except there is still the 40 yard dash
and a sub 4.5 gets you into any t14
LSAT can be one of the drills
letsseehowitgoesnow
11:17
so washu only called one person
So all the D1 athletes will get into a T-14. What else is new?
@TheAdoptedOne: that is called "Dean Poker Night" lol
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