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Authorized Signer's Funds in Owner's Account
by John Burnett, BOL Guru
Guru Bio
Question: If an authorized signer on a checking account deposited his own personal check into the owner's checking account who has rights to the funds when closing the account out?
Answer: Whoever closes the account. Either the owner or the authorized signer can, under the UCC, close the account, although many banks won't knowingly permit an authorized signer to do so. If the bank is asked to close the account, it would correctly issue the payment to the owner and not to the authorized signer.
First published on BankersOnline.com 4/28/08
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