A check deposited at our bank on Nov 2, 2012 was returned to us for a cash letter dated Jan 25th for unauthorized signer (stolen). We returned it for lateness but have received it back from the Payor bank with a signed affidavit of Alteration. It is not altered, it is a stolen check. We want to send it back to bank without entry. Can we?
What is the bank's liability when a customer claims a check that cleared their account is unauthorized, but due to the check design, the bank's image of the check does not show the customer's signature? (i.e. the design on the check just scanned black, covering up the signature). I know we could request the actual item from the depositing bank, but there is no set time that banks have to keep the actual check, and most probably destroy them within 30-60 days. If the customer doesn't report the unauthorized item before the actual check is destroyed, we would have no way to know whose signature was on the check. How would the customer sign an affidavit of forged signature if they can't even see the signature on the check?
When opening a Sole Proprietorship account, does a Affidavit of Sole Ownership need to be signed at opening? If so, does this need to be notarized?
We received a request from a paying bank to remit payment for Breach of Warranty on a Forged Signature. I understand that the return time on these is 24 hours but the affidavit has "Counterfeit, Endorsement Forged and Maker's Signature Forged" marked. Should we answer this late claim since there are other reasons that would allow 3 years for dispute claim?
A customer purchased a cashier's check made payable to a company that was recently shut down by the SEC. The check has not been cashed at this time. Can the bank use UCC 3-312 and have the customer sign an affidavit that the item is not enforceable to be paid and would this hold up in court?
If you have a check made payable to Jane Doe and ABC Bank and Jane Doe deposits the check at her bank but the check does not have ABC Bank Endorsement who is liable to making ABC Bank whole? Would Jane Doe's bank be liable to cover these funds since they deposited a check without an endorsement? What kind of actions can ABC Bank take, freeze account?
A single owner checking account died,can his surviving spouse have any of this money (she is not an owner or a signer)?
Regarding remotely created checks - If one of these items is reported by the maker as unauthorized 3 months after it was paid against the maker's account, can the paying bank return the item to the bank of first deposit? What is the BOFD liability?
Once our customer signs an Affidavit of Forgery for a forgery item (regardless of being with the 24 hr return window) are we required to credit their account immediately or can we attempt to return and credit if and when we receive funds?
How do you style a Miller trust account?