Collection Action
/ˈkɒlɛkʃən ˈækʃən/
Definitions
- (n.) Legal procedure undertaken to recover a debt or enforce payment.
The creditor initiated a collection action to recover the overdue loan amount.
Forms
- collection action
- collection actions
Related terms
See also
Commentary
Typically refers to formal legal steps for securing payment; distinguish from informal debt collection efforts.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.