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Injunction


253. Collection is a payment bank operation, during which the remitting bank, acting strictly in accordance with the instructions of its client (beneficiary), assumes an obligation to perform operations with documents presented by the beneficiary in order to obtain acceptance and/or payment from the payer (importer), or issuing commercial documents against acceptance and/or payment, or issuing documents under other conditions, depending on the case

Source: Instruction of Vneshtorgbank of the USSR dated 25.12.1985 No. 1 (edition of 05.02.1991) "On the Procedure for Performing Bank Operations in International Settlements"

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