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not cashing company checks

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T

twcable

Guest
What is the name of your state? WI

I am a member in an LLC in which the other member recently resigned leaving me as the only remaining member. He has not cashed his final draw check from 2003 as of yet. What are the legal ramifications in not cashing this check? There are other issues, but I am just curious as to why he wouldn't cash this check.

Thanks in advance.
 


J

JETX

Senior Member
Obviously no one on this forum can GUESS why he hasn't cashed the check. I would suggest that if you really want to know.... contact him.

And unless noted otherwise, the check is good for 6 months from the date of issuance, so you have to wait at LEAST that long.
 
I

I AM ALWAYS LIABLE

Senior Member
JETX said:
Obviously no one on this forum can GUESS why he hasn't cashed the check.

======================================

My response:

I beg to differ with you JetX. I have the distinct, and unique, ability to "guess" the answer. The problem, however, is "guessing" which one is correct.

IAAL
Click to expand...
 
J

JETX

Senior Member
Ah, my friend, but then you would be guessing 'reasons' why he might not be cashing them..... not THE 'reason'. :D
 
I

I AM ALWAYS LIABLE

Senior Member
JETX said:
Ah, my friend, but then you would be guessing 'reasons' why he might not be cashing them..... not THE 'reason'. :D
Click to expand...

My response:

Ah, Grasshopper, once again, I find error in your reasoning. You see, if I "guess" enough, one of my "guesses" is bound to be the correct "guess". All I would need is the writer's "confirmation".

It's a little like having 1000 monkeys in a room full of typwriters. Eventually, we're bound to read "War & Peace".

IAAL
 
T

twcable

Guest
i have asked him why with no response. i believe he has taken proprietary company information and has been planning to market this outside of the company prior to his resignation.

i personally believe he is either guilty or just plain stupid or maybe both. i was just wondering if there is some law or statute out there that says that since he is not accepting funds from the company, he is okay. just wondering if there is some loophole he can use.
 
I

I AM ALWAYS LIABLE

Senior Member
twcable said:
i have asked him why with no response. i believe he has taken proprietary company information and has been planning to market this outside of the company prior to his resignation.

i personally believe he is either guilty or just plain stupid or maybe both. i was just wondering if there is some law or statute out there that says that since he is not accepting funds from the company, he is okay. just wondering if there is some loophole he can use.
Click to expand...

My response:

This is just a "guess". However right or wrong, he may be thinking that if he cashes the check, he waives his right to file a lawsuit against the company.

Once the check goes "stale", you have no responsibility to re-issue a check.

There are too many "maybe", "but's" and "perhaps" to give you any better responses.

IAAL
 
T

twcable

Guest
that's in line with what i was thinking. the company checks state that they are void after 90 days which is 3/31/04. should i place a cancel payment on this in case the bank where he would cash it let's it go?
 
R

Ramoth

Guest
Since the bank is NOT required to honor that "90 Day" thingie, yes, you should place a stop payment on the check as soon as the 90 days has expired.
 
O

oberauerdorf

Guest
It's a little like having 1000 monkeys in a room full of typwriters. Eventually, we're bound to read "War & Peace".
Click to expand...
Ah, but would the monkeys use spellchecker.

:D
 
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