If certain checks deposited through a Lockbox service are being returned by the drawee due to “Missing Endorsement” which I gather is for the payee, aren’t these items guaranteed by the bank of first deposit?
Yes
Also, in Check 21 is there such an endorsement as a ‘Virtual Endorsement?”
§ 3-416. TRANSFER WARRANTIES.
_________________________
The opinions expressed here should not be construed to be those of my employer:
PPDocs.com