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LSDefine

Simple English definitions for legal terms

collection item

Read a random definition: index lease

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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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
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@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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