You can do what you want operationally, but if that check is presented for payment by a party entitled to enforce payment, you will pay it or risk paying even more if the party has to sue you to collect.
Have you obtained a declaration from the remitter that the check has been lost, stolen or destroyed, claiming reimbursement? If you have, UCC 3-312 will cover you if after 90 days from the issue date of the lost check honor the claim and refuse payment on the original citing "UCC 3-312 claim paid." But that protection doesn't kick in until the end of the 90-day period.
So you're left with a risk decision. What are the chances the original will show up?
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8