investorda
Junior Member
What is the name of your state (only U.S. law)? NJ
Is a check made payable to cash a binding contract? May the bank on which a check made payable to cash is drawn refuse to honor that check by refusing to cash it? Does the bank have a legal obligation to cash a check made payable to cash drawn on that bank? Assume its a good check, that there are adequate funds in the account and that the signature is good and valid. May a bank have a "policy" that says it doesn't have to honor a check drawn on it? May a bank claim it has a "security" obligation to the depositor to make sure the bearer of the check is the person the check was given to? Isn't a check to cash a bearer document by definition?
Is a check made payable to cash a binding contract? May the bank on which a check made payable to cash is drawn refuse to honor that check by refusing to cash it? Does the bank have a legal obligation to cash a check made payable to cash drawn on that bank? Assume its a good check, that there are adequate funds in the account and that the signature is good and valid. May a bank have a "policy" that says it doesn't have to honor a check drawn on it? May a bank claim it has a "security" obligation to the depositor to make sure the bearer of the check is the person the check was given to? Isn't a check to cash a bearer document by definition?