Terms Used In Nevada Revised Statutes > Chapter 104 > Article 4 > Collection of Items: Depositary and Collecting Banks

• Account: means any deposit or credit account with a bank including a demand, time, savings, passbook, share draft or like account, other than an account evidenced by a certificate of deposit. See Nevada Revised Statutes 104.4104
• Banking day: means that part of any day on which a bank is open to the public for carrying on substantially all of its banking functions. See Nevada Revised Statutes 104.4104
• Clearinghouse: means any association of banks or other payors regularly clearing items. See Nevada Revised Statutes 104.4104
• Continuance: Putting off of a hearing ot trial until a later time.
• Customer: means any person having an account with a bank or for whom a bank has agreed to collect items, including a bank that maintains an account at another bank. See Nevada Revised Statutes 104.4104
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities or instructions for uncertificated securities, or other certificates, statements or the like are to be received by the drawee or other payor before acceptance or payment of the draft. See Nevada Revised Statutes 104.4104
• Draft: means a draft as defined in Nevada Revised Statutes 104.4104
• Drawee: means a person ordered in a draft to make payment. See Nevada Revised Statutes 104.4104
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fraud: Intentional deception resulting in injury to another.
• Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See Nevada Revised Statutes 104.4104
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Statute: A law passed by a legislature.
• Trustee: A person or institution holding and administering property in trust.