Is there a date of when we should receive an affidavit? I have an altered payee case where the affidavit was signed in November, 2009, and I did not receive the request until February, 2010. Is there a thirty day rule? Also what is the timeframe for an altered payee item to be returned? Is it twenty-four hours or does it fall under a warranty of three years?
Document Alteration Techniques...continued
Substance Abuse & Addiction Forgeries
To assist institutions in their efforts to design and manage effective information security programs, the agencies have issued guidance especially designed for small entities, which appears to be a
The final Guidance that interprets the requirements of section 501(b) of the Gramm-Leach Bliley Act and the Security Guidelines include the development and implementation of a response program to a
Two weeks ago we received notice of a without entry breach of warranty from the drawee bank on a $16,510 check. The maker has sent an affidavit of fraudulent activity with an altered payee claim. The check cleared the account almost three months ago. Our depositor was not aware of this alteration and received the check by a mail lottery scam with their name in the payee line. We, the depositing institution, acted in good faith and accepted the check for deposit. Our depositor waited for the check to clear and withdrew the funds. We are now being ordered to pay the full amount of $16,510 back to the drawee bank. I have gone through all the UCC sections for presentment warranties, imposters, ficticious payees and negligence contributing to forged signature or alteration of instument. Are we held liable for this item? And did the drawee bank meet the timeframe to return the item?
Our customer deposited 4 US Postal Money Orders on 12/13/04. Today 2/16/05, we received 3 of the Money Orders returned as counterfeit items. What is the Bank's responsibility for these items? Can we return them late for reclamation, as they were returned after the midnight deadline? Does our customer have any recourse?
I knew when I saw the look in the chimney sweep's eyes that I had been a bad, bad girl.
Who is liable on a corporate check payable to a vendor that was stolen in the mail and the payee changed to an unrelated third party? The check was cashed and the funds were ultimately taken out of the corporation's account. Is the payor bank, drawee bank or the drawer corporation liable? Which UCC provision covers this situation?
Problem 11 - continued:
Re: Liability of the bank on checks paid during the past year bearing forged signatures: