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Question & Answer
Question: When a customer purchases a Cashier's check from the bank and makes it payable to another individual or company and the receiving person or company does not receive it-who must sign the 'Indemnity Bond for Lost Cashier's Check' in order to get a replacement check.
Answer:: They BOTH (purchaser and payee) should sign the bond. (If you can only get one, get the purchaser.) And a new check should not be issued until you have the completed bond in hand. In case of large amounts, or suspicious circumstances, you may require a bond from a bonding company before you reissue. Bonding companies can be located in the yellow pages, or by contacting an independent insurance agent.
Copyright © 1993 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 4, No. 5, 11/93
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