Asked by deloar zahan on Oct 01, 2024
Under the recent amendments to Article 4,postdated checks:
A) are now invalid and create no obligation to pay on the drawee bank's part.
B) are not properly payable by the drawee bank until the date on the check.
C) may be paid by the drawee bank before the date on the check unless the customer has given notice to the contrary.
D) may be paid by the drawee bank unless the customer gives notice of the postdating in a way that at least partially describes the check.
Article 4
Typically refers to a specific section within a constitution, treaty, or document that outlines particular rights, responsibilities, or regulations.
Postdated Checks
Checks written with a date in the future, indicating that the check should not be processed until that date.
Drawee Bank
The financial institution upon which a check is drawn, responsible for paying the amount specified when the check is presented.
- Understand the financial obligations and duties of banks in the context of returned checks, forward-dated checks, and commands to stop payments.
- Absorb information regarding the details and distinctiveness of multiple check forms, including stale, certified, cashier's, and teller's checks.
Learning Objectives
- Understand the financial obligations and duties of banks in the context of returned checks, forward-dated checks, and commands to stop payments.
- Absorb information regarding the details and distinctiveness of multiple check forms, including stale, certified, cashier's, and teller's checks.