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LSDefine

Simple English definitions for legal terms

remitting bank

Read a random definition: quare executionem non

A quick definition of remitting bank:

A remitting bank is a type of bank that helps people send money to someone else. It's like a messenger that takes the money from one person's bank account and delivers it to another person's bank account. The remitting bank can be the bank of the person sending the money or a bank in the middle that helps transfer the money. It's important to use a remitting bank when sending money to make sure it gets to the right place.

A more thorough explanation:

A remitting bank is a bank that pays or transfers an item, such as a check or money order. It can be a payor bank, which is the bank that is asked to pay the amount of a negotiable instrument, or an intermediary bank, which is a bank to which an item is transferred in the course of collection.

For example, if you write a check to your friend and your friend deposits it in their bank, their bank becomes the depositary bank. The check is then transferred to the remitting bank, which is your bank, to pay the amount of the check to your friend's bank. In this case, your bank is the remitting bank.

Another example is when a company sends a wire transfer to a supplier in another country. The company's bank is the remitting bank, which transfers the funds to an intermediary bank in the supplier's country, and then to the supplier's bank, which is the payor bank.

Overall, a remitting bank is responsible for paying or transferring funds to another bank or financial institution, either directly or through intermediaries, to complete a transaction.

remitter | remittit damna

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General

General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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