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Example 3
A business mails many checks in a given week. One of these checks becomes lost in the mail. The designated recipient complains the check never arrived, so the company puts a “Stop Payment” on the original check and reissues it. The reissued check is cashed without problem. A few days later the original check appears at a check cashing location. The business’s bank refuses to pay. Everything seems fine. Then, a few months later, the check cashing store threatens to sue if it does not receive payment. Under “holder in due course” the store sells the check to a collection agency and the legal battle begins.
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Laurence Liss
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