"Form of Lockbox Agreement and Variations" is a American Lawyer Media form. This is a form of a lockbox agreement and its variations.
Kentucky Form of Lockbox Agreement and Variations
State:
Multi-State
Control #:
US-LB897
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Word;
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How to fill out Form Of Lockbox Agreement And Variations?
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FAQ
A plan or arrangement between either an insurer or agent and a bank to use the bank as the premium collection facility. Insureds send payments to a post office box or bank lockbox controlled by the bank. The bank processes the payment directly to the proper account, for a service fee.
Lockbox services are designed to expedite the collection of paper-based payments and provide timely payment information to update accounts receivable records. Lockbox services are usually provided by a third-party processor (usually a bank) that receives, opens, and processes payments for a government or business.
Security interests in cash deposits can be perfected through the use of a ?lock box.? Under this arrangement, a borrower and a third party agree that payments on contracts entered into by a borrower are paid to a bank account which is in the possession and control of the lender.
Definition and Example of a Lockbox Payment It arrives in the mail with a remittance slip. You fill out the slip, enclose your check, and mail it off to a post office box in a nearby city. That post office box is your electric company's lockbox. It's a special P.O.
Lockbox arrangement means the establishment of a mechanism to separate the asset pool receivables and the originating bank to preclude the co-mingling of funds. Lockbox arrangement Definition | Law Insider lawinsider.com ? dictionary ? lockbox-arran... lawinsider.com ? dictionary ? lockbox-arran...
Security interests in cash deposits can be perfected through the use of a ?lock box.? Under this arrangement, a borrower and a third party agree that payments on contracts entered into by a borrower are paid to a bank account which is in the possession and control of the lender. Lockbox Agreement - Lexis LexisNexis ? document ? openwebdocview LexisNexis ? document ? openwebdocview