The Law Dictionary

Featuring Black’s Law Dictionary Free Online Legal Dictionary 2nd Ed.


Typically the buyer’s bank that collects whatever is due by whatever vehicle is warranted. It can be a cash payment or a time draft from a buyer. It can be an exchange for bill of lading and/or other documents that allow the buyer to take delivery of a shipment. The collecting bank delivers the payment received to the remitting bank, typically the seller’s bank, for final delivery to the seller.

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