collecting agent
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 74 U.S. 447 - Ward v. Smith · 1868Most cited · 83 citing opinions
the bank becomes the agent of the payee or obligee to receive payment. The agency extends no further, and without special authority an agent can only receive payment of the debt due his principal in the legal currency of the country, or in bills which pass as money at their par value by the common consent of the community.