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Dishonored
Refers to the refusal or inability to pay a financial obligation when due, such as a bounced check or a default on a payment.
Notice of Dishonor
A formal notification indicating that a financial instrument, like a check or draft, has been presented for payment and refused.
Collection Bank
A financial institution involved in processing checks and payments on behalf of other banks or entities.
Collection Bank
A financial institution where checks or drafts are presented for payment.
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