NSF Check

In MS: I sold my yacht. The buyer wrote me a check >$40K.

I have not provided a bill of sale & choose not to until buyers check clears.

Buyers Bank says 'funds not available at this time'.

Check is not post-dated or anything. Should I deposit it to my account & let it bounce? Or should I simply return it to the buyer and tell him that it's no good?

What are my options if I deposit it and it bounces? Isn't it a crime in most states to knowingly write a worthless check?

I own a small home based restaraunt delivery service, we encounter NSF checks quite frequently. Did you release the yacht to the buyer or do you still have it in your pocession? If you released the yacht to them, deposit the check allow it to return NSF and then turn it over to the police department and the district attoryneys office for prosecution, this was not a small $$ check!!!! If you still have the yact in your pocession I would send the check back to the buyer with a notice that the funds are not available and the sale is null and void! and cotinue with your attempts to sell the yacht!