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clearinghouse definition - legal

n

  1. A place where banks daily exchange the checks, drafts, and other forms of indebtedness that are held by one bank and owed to another, and settle their balances all at one time.
  2. A place where brokers in stock or commodities exchanges daily settle their debits and credits with one another.
  3. A place for the exchange of information concerning a specific topic.

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

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