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Stop Pay on Checks Issued from Home Equity Product
by John Burnett, BOL Guru
Guru Bio
Question: We issue checks for our home equity product and a customer wants to place a stop payment on one of his or her checks. Can we accept the stop payment order?
Answer: Unless your home equity contract provides that no stop orders will be accepted (a highly unlikely case), you should accept the stop if you receive it in time to act upon it.
First published on BankersOnline.com 4/28/08
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