COLLECTION ITEM

COLLECTION ITEM

collection item. An item (such as a documentary draft) taken by a bank for a customer’s account, but not credited until payment for the item has actually been received. See documentary draft under DRAFT(1). [Cases: Banks and Banking 158, 161(1). C.J.S. Banks and Banking ¡ì¡ì 317, 319, 322, 327, 383, 385¨C386, 388¨C392, 395¨C397, 399, 402, 404, 407, 409¨C410, 414.]
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