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tomados al cobro /entidad tomadora

English translation: Presented for payment/Drawee

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20:59 Jul 18, 2005
Spanish to English translations [PRO]
Finance (general)
Spanish term or phrase: tomados al cobro /entidad tomadora
-ADEUDOS: 1. Cheques. 1.1 Pagados por ventanilla o por compensación inferior en la oficina librada: El mismo día de su pago.1.2 Pagados en firme por otras oficinas o entidades. El mismo día de su pago, a cuyo efecto la oficina pagadora estampará su sello con indicación de la fecha de pago. Si faltase este requisito se adeudará con valor del día de su cargo en cuenta. 1.3 ****Tomados al cobro por ++++++cuando por diversas razones como el vencimiento no se pueden realizar en firme++++) otras oficinas o entidades: El mismo día de su adeudo en la cuenta librada. 2. Reintegros o disposiciones: El mismo día de su pago. 3. Ordenes de transferencias, órdenes de entrega y similares: El mismo día de su adeudo.

Se considerarán como cheques negociados, todos los cheques y otros documentos análogos ****tomados sobre plaza distinta, incluso en los casos en que la plaza de la sucursal tomadora y la plaza librada (++++presentados en ciudades distintas incluso cuando las dos ciudades se intercambien los documentos en el mismo centro compensador++++)compensen en una misma Cámara de Compensación.

Cuando los efectos comerciales, cobrados que al amparo del artículo 6º de la Ley Cambiaría y del Cheque, devenguen intereses a cargo del librado, según se cita en el EPÍGRAFE 01, Nota 6, de la Tarifa, el abono de estos intereses a la *****Entidad tomadora (+++++la entidad que quiere cobrar el efecto comercial++++)será considerado como transferencia y por tanto sujeto al cobro de comisiones por este concepto.

I can't figure out 'tomador(a)' and 'tomar' in these contexts.

The *** indicate use of the word in my context, the ++++ indicate explanations of a banker friend:-)
xxxLia Fail
Spain
Local time: 11:00
English translation:Presented for payment/Drawee
Explanation:
Checks and notes are said to be presented for payment..payment is cobro here

"Some technical terms relating to checks and drafts are worth defining.
Customer – a person with an account at the financial institution.
***Drawee – a party, typically a financial institution, that is required to pay out the money when a check or draft is presented.*** The drawee is usually the payer financial institution.
Drawer – a person writing a check. The drawer is typically acustomer of the drawee."

you can find it..:)

you'll see that these will work in your text...




--------------------------------------------------
Note added at 3 hrs 11 mins (2005-07-19 00:10:44 GMT)
--------------------------------------------------

This article should help too:

As a matter of law, a drawee bank does not have a duty to conduct any review of payee endorsements on checks received from a depository bank.

Remember, there are three primary parties to a check. The person who writes the check, called the drawer. The person to whom the check is payable, called the payee. And the financial institution that maintains the account on which the check is drawn, called the drawee. In addition, the first bank to receive the check for collection is called the depository bank.

Under the UCC, a check bearing a forged endorsement is not properly payable (Revised UCC . 4-401). If the drawee bank pays a check bearing a forged endorsement, then it is obligated to recredit the drawer\'s account for the item.

In turn, the drawee bank may look to the depository bank for reimbursement. This is because the depository bank warrants to the drawee bank that it had the right to enforce payment of the item at the time it was transferred to the drawee bank for collection. Put another way, the depository bank warrants to the drawee bank that the item does not contain any forged or unauthorized endorsements (Revised UCC . 4-208(a)). If it turns out that the check does bear a forged endorsement, then the depository bank has breached its warranty and is liable to the drawee bank for the item.

The UCC places the ultimate risk of loss for the payment of checks bearing forged endorsements on the depository bank. It is the first bank to receive an item for collection and, thus, is in the best position to detect the forgery and prevent the fraud. Of course, the depository bank can look to the forger to recover its loss; however, the likelihood of recovery is slim.

Exception
As with any general rule, there are exceptions to the rule that a drawer may recover a loss resulting from the payment of a check over the payee\'s forged endorsement. For instance, both the drawee bank and the depository bank may escape liability for the payment of a check bearing the payee\'s forged endorsement if the drawer of the check failed to exercise ordinary care in issuing the check and that failure substantially contributed to the making of the forged endorsement (Revised UCC . 3-406).

For instance, suppose an insurance company issues claim checks after it receives fraudulent payment requests from a dishonest insurance agent. Suppose also that the checks are sent to the agent who forges the payees\' endorsements and then deposits the items into his personal account.

If the insurance company failed to take any steps to verify the legitimacy of the claims, a court or jury could conclude that the insurance company failed to exercise ordinary care in issuing the claim checks and that failure substantially contributed to the making of the forged endorsements. Under these circumstances, the insurance company, the drawer of the checks, could be precluded from asserting the forged endorsements against the drawee bank.

Final: presented for payment/drawee or drawee bank or institution
Selected response from:

Jane Lamb-Ruiz
Grading comment
Thanks Jane:-)
4 KudoZ points were awarded for this answer

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Summary of answers provided
5Presented for payment/DraweeJane Lamb-Ruiz
3collected/collecting entity
Parrot


  

Answers


2 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
collected/collecting entity


Explanation:
I'm thinking along the lines of a bill that may be collected by a bank in the first case, and in the second case (negotiated instrument) when the bank has to go through the clearing house process. Pretty obscure wording in the original, though.

Parrot
Spain
Local time: 11:00
Works in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 148
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3 hrs   confidence: Answerer confidence 5/5
Presented for payment/Drawee


Explanation:
Checks and notes are said to be presented for payment..payment is cobro here

"Some technical terms relating to checks and drafts are worth defining.
Customer – a person with an account at the financial institution.
***Drawee – a party, typically a financial institution, that is required to pay out the money when a check or draft is presented.*** The drawee is usually the payer financial institution.
Drawer – a person writing a check. The drawer is typically acustomer of the drawee."

you can find it..:)

you'll see that these will work in your text...




--------------------------------------------------
Note added at 3 hrs 11 mins (2005-07-19 00:10:44 GMT)
--------------------------------------------------

This article should help too:

As a matter of law, a drawee bank does not have a duty to conduct any review of payee endorsements on checks received from a depository bank.

Remember, there are three primary parties to a check. The person who writes the check, called the drawer. The person to whom the check is payable, called the payee. And the financial institution that maintains the account on which the check is drawn, called the drawee. In addition, the first bank to receive the check for collection is called the depository bank.

Under the UCC, a check bearing a forged endorsement is not properly payable (Revised UCC . 4-401). If the drawee bank pays a check bearing a forged endorsement, then it is obligated to recredit the drawer\'s account for the item.

In turn, the drawee bank may look to the depository bank for reimbursement. This is because the depository bank warrants to the drawee bank that it had the right to enforce payment of the item at the time it was transferred to the drawee bank for collection. Put another way, the depository bank warrants to the drawee bank that the item does not contain any forged or unauthorized endorsements (Revised UCC . 4-208(a)). If it turns out that the check does bear a forged endorsement, then the depository bank has breached its warranty and is liable to the drawee bank for the item.

The UCC places the ultimate risk of loss for the payment of checks bearing forged endorsements on the depository bank. It is the first bank to receive an item for collection and, thus, is in the best position to detect the forgery and prevent the fraud. Of course, the depository bank can look to the forger to recover its loss; however, the likelihood of recovery is slim.

Exception
As with any general rule, there are exceptions to the rule that a drawer may recover a loss resulting from the payment of a check over the payee\'s forged endorsement. For instance, both the drawee bank and the depository bank may escape liability for the payment of a check bearing the payee\'s forged endorsement if the drawer of the check failed to exercise ordinary care in issuing the check and that failure substantially contributed to the making of the forged endorsement (Revised UCC . 3-406).

For instance, suppose an insurance company issues claim checks after it receives fraudulent payment requests from a dishonest insurance agent. Suppose also that the checks are sent to the agent who forges the payees\' endorsements and then deposits the items into his personal account.

If the insurance company failed to take any steps to verify the legitimacy of the claims, a court or jury could conclude that the insurance company failed to exercise ordinary care in issuing the claim checks and that failure substantially contributed to the making of the forged endorsements. Under these circumstances, the insurance company, the drawer of the checks, could be precluded from asserting the forged endorsements against the drawee bank.

Final: presented for payment/drawee or drawee bank or institution


Jane Lamb-Ruiz
Specializes in field
Native speaker of: Native in EnglishEnglish, Native in PortuguesePortuguese
PRO pts in category: 443
Grading comment
Thanks Jane:-)
Login to enter a peer comment (or grade)




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