Clearing house

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CLEARING HOUSE, com. law. Among the English bankers, the clearing house is a place in Lombard street, in London, where the bankers of that city daily settle with each other the balances which they owe, or to which they are entitled. Desks are placed around the room, one of which is appropriated to each banking house, and they are: occupied in alphabetical order. Each clerk has a box or drawer along side of him, and the name of the house he represents is inscribed over his head. A clerk of each house comes in about half past three o'clock in the afternoon, and brings the drafts or checks on the other bankers, which have been paid by his house that day, and deposits them in their proper drawers. The clerk at the desk credits their accounts separately which they have against him, as found in the drawer. Balances are thus struck from all the accounts, and the claims transferred from one to another, until they are so wound up and cancelled, that each clerk has only to settle with two or three others, and the balances are immediately paid. When drafts are paid at so late an hour that they cannot be cleared that day, they are sent to the houses on which they are drawn, to be marked, that is, a memorandum is made on them, and they are to be cleared the next day. See Gilbert's Practical Treatise on Banking, pp. 16-20, Babbage on the Economy of Machines, n. 173, 174; Kelly's Cambist; Byles, on Bills, 106, 110; Pulling's Laws and Customs of London, 437.

References in periodicals archive ?
The Catastrophe Readiness Clearinghouse and its associated information portal Web site certainly elevate public awareness about personal safety before, during, and after a catastrophe.
The investment will increase Clearinghouse CDFI's ability to continue to address unmet credit needs in the community's distressed areas.
The Clearinghouse has sold more than 500,000 properties since its inception.
necessary for a derivatives clearinghouse to effectively manage risk.
Unfortunately, the clearinghouse structure obscures them.
The rationale behind the clearinghouse initiative, therefore, is that access to high-quality information is critical in ensuring family violence prevention strategies and initiatives are effective and achieve the greatest possible success.
Using the MAIC feasibility study for creating a spatial data clearinghouse and other input, this working group would be immediately tasked with providing a next steps plan of action while identifying other players/partners to participate in the effort.
The National Kidney and Urologic Diseases Information Clearinghouse (NKUDIC) is a service of the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK).
By law, each health plan, provider, and clearinghouse must comply with the particular HIPAA administrative simplification standard or specification no later than 24 months after the Secretary's adoption (small health plans will have 36 months).
1 Information Way Bethesda, MD 20892-3560 Email: National Diabetes Information Clearinghouse
1 Information Way Bethesda, MD 20892-3560 E-mail: National Diabetes Information Clearinghouse
Testimonials like this have become commonplace during the first year of the clearinghouse project.

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