Check Collection System Law and Legal Definition
According to 31 CFR 132.2 [Title 31 -- Money and Finance: Treasury; Subtitle B -- Regulations Relating to Money and Finance; Chapter I -- Monetary Offices, Department of the Treasury; Part 132 -- Prohibition on Funding of Unlawful Internet Gambling], check collection system means “an interbank system for collecting, presenting, returning, and settling for checks or intrabank system for settling for checks deposited in and drawn on the same bank. For purposes of this part, "check" also includes an electronic representation of a check that a bank agrees to handle as a check.”
Legal Definition list
Related Legal Terms
- 9-1-1 System
- Accelerated Cost Recovery System
- Accommodation Check
- Active Solar System
- Actuarially Sound Retirement System
- Adaptive Ecosystem Management
- Administrative Governor [Federal Reserve System]
- Adoption and Foster Care Analysis and Reporting System (AFCARS)
- Advanced Automobile Propulsion System
- Advanced Truck Stop Electrification System
