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Collateral

An interest in property given by a debtor to a creditor in order for the creditor to secure payment of the debt. For example, an applicant for a letter of credit might pledge the goods for which the credit is…

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Collect charges

In shipping, the transportation practice under which the receiver of the goods pays charges.

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Collecting bank

Any bank, other than the remitting bank, that is involved in processing a collection. In collection terminology the remitting bank is the bank to which the drawer has entrusted the handling of a collection, usually the drawer´s bank of account.

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Collection

A set of documents including a letter or completed form indicating the drawer´s instructions (called a collection letter), and often accompanied by a draft or drafts, invoices, packing lists, and other documents as agreed by the drawer and drawee. Collections…

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