1. In General, this is a process for recovering delinquent amounts owed to a firm by a customer. 2. In Banking: this is the (1). presenting a check or draft as payment, then as a receipt of its amount in cash or as a credit to the account; (2). moving of delinquent or pastdue accounts for full or partial recovery of the amount to a collection agency or a special department set up for collections purpose. 3. In Foreign trade, this is a procedure for a global banking system acting on behalf of an exporter or seller, to collect payment as cash or as a time draft from the importer or buyer. In return, the bank receives documents necessary to take delivery of the items ordered.
What is COLLECTION?
Featuring Black’s Law Dictionary
Nothing implied or stated on this page should be construed to be legal, tax, or professional advice. The Law Dictionary is not a law firm and this page should not be interpreted as creating an attorney-client or legal adviser relationship. For questions regarding your specific situation, please consult a qualified attorney.
- How Long is a Life Sentence?
- What is Entrapment?
- A Guide to the Types & Classes of Bankruptcy
- A Simple Guide to Medicare vs Medicaid
- What are the Miranda Rights?
- Property Management Law
- How Arbitration Works
- What is the Fourth Amendment?
- How To Start a Sole Proprietorship
- What Does Emancipation Mean?
- What Is A Police Welfare Check?
- Best Way to Find Someone in Jail for Free
- How to Transfer a Car Title When The Owner Is Deceased
- How To Find A Name & Address Using A License Plate Number
- What Can You Do At 18 Legally?
- Best Way to Write a Professional Letter to a Judge
- Why Do Policemen Touch Your Tail Light When They Pull You Over?
- How To Find An Inmate’s Release Date
- Signing a Letter on Someone Else’s Behalf
- How Do You Look up License Plate Numbers?