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Simple English definitions for legal terms
en recouvrement
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A quick definition of en recouvrement:
En recouvrement is a French legal term that means "for purpose of recovery." It refers to an endorsement on a bill of exchange that does not transfer ownership of the bill, but only gives the endorsee the power to collect the amount due on the bill. In simpler terms, it is a way for someone to authorize another person to collect money owed to them.
A more thorough explanation:
En recouvrement
En recouvrement is a French legal term that means "for the purpose of recovery." It refers to an endorsement on a bill of exchange that does not transfer the ownership of the bill, but only gives the endorsee the authority to collect the amount of the bill.
For example, if a company owes money to another company, the second company may endorse the bill of exchange en recouvrement to a debt collection agency. This means that the debt collection agency has the authority to collect the amount owed, but does not own the bill of exchange itself.
Another example is when a bank endorses a check en recouvrement. This means that the bank has the authority to collect the amount of the check on behalf of the person or company to whom the check was originally written.
The examples illustrate how en recouvrement is used in practice. In both cases, the endorsement does not transfer ownership of the bill of exchange or check, but only gives the endorsee the authority to collect the amount owed. This allows the original owner of the bill or check to delegate the task of collecting the payment to someone else, such as a debt collection agency or a bank.