Clearing-House
A Dictionary of Law · William C. Anderson · 1889
A Dictionary of Law
The object of a clearing-house association is to effect at one time and place the daily exchanges between the banks which are members of the association, and the payment of the balances resulting frota such exchanges. 2 Sending a note through the clearing-house is not a formal demand for immediate payment made during business hours, but it is equivalent to leaving the note at the bank for collection from the maker on or before the close of banking hours.' See Loan, Certificate.