Can I put a Beneficiary on a Sole Proprietor checking account?
Is there a point when a Postal MO becomes stale dated?
A customer recognizes a check posting to their account that is stale dated (over a year old). The customer replaced the check at that time, but did not issue a stop order which would have expired now anyway without a renewal. Can we return the check if the item was paid fours day ago?
Is the bank liable for a check that it has paid on its customer's account twelve months after the stop payment order was dropped from the system? The check was returned for "Payment Stopped in January, 2008".
I know that the generally accepted time frame for stale dated checks is six months, but I'm wondering how/if that applies to checks sent for collection. I've received a seven month old check for collection that was previously returned NSF. The payee came to the bank several times to try to cash it over the counter, but funds have never been available. The person finally mailed the item to us for collection. The account will receive a direct deposit in a couple of days, at which time the check will pay. Should I pay the item or should I return it due to the stale date?
At a recent seminar I believe that I was told that under new UCC rules that there is no such thing as a stale dated or postdated check. Is this true or am I dreaming.