What is the definition of Payment under reserve? | Dictionary.net

PAYMENT UNDER RESERVE

\pˈe͡ɪmənt ˌʌndə ɹɪsˈɜːv], \pˈe‍ɪmənt ˌʌndə ɹɪsˈɜːv], \p_ˈeɪ_m_ə_n_t ˌʌ_n_d_ə ɹ_ɪ_s_ˈɜː_v]\

Definitions of PAYMENT UNDER RESERVE

1910 - Black's Law Dictionary (2nd edition)

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A payment given to the payee of a letter of credit, where the documents have certain anomalies. The bank whicih will advance the payment might keep it until confirmation has been received by the issuing bank.

1910 - Black's Law Dictionary (2nd edition)
By Henry Campbell Black

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