THRIFT INSTITUTIONS Definition

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THRIFT ASSOCIATIONS is a general term often used for mutual savings banks, savings and loan associations and credit unions.

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DRAFT, DEMAND OR SIGHT, in import / export, is a draft payable upon presentation to the drawee. It may be used when the exporter wishes to retain control of the shipment for credit or title retention reasons. The buyer must pay the bank before receiving the documents to take custody of the goods. A COD shipment is similar.

DISHONORED NOTE is a note on which a debtor has defaulted.

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