On 4/9/2024 12:50 PM, R Losey wrote:
Thanks; I wasn't sure if those (cash vs accrual) were the correct terms.
Legally, are you saying that if I write a check for $50 and send it to my
uncle, it's "paid" whether or not he ever cashes it?
As as aside, I am actually in this situation; I sent e check many years ago
to someone who has never cashed it; when I asked about it, the person told
me that they had no intention of cashing the check, but also couldn't find
it to return it, so I've been carrying that check now for years. Sadly, the
cost of issuing a "stop check" is not worth it, and the bank says it will
honor a check, no matter how old, so I don't see any way out of this.
What are the laws of your jurisdiction and/or the banking customs? Or
the rules of your bank as to how long they will consider a check "live"
(will honor it if presented).
Most places I have ever lived, most banks I have dealt with, have
definite rules that apply unless the check itself specifies a shorter
period. Haven't you ever gotten a check marked "void after 60 days" (or
whatever)
Your bank told you WILL HONOR or CAN HONOR? It is common for banks to
say CAB HONOR to relieve themselves of liability in a case where they
did honor a check after the date their policy (or jurisdiction laws)
specify. In other words, "we normally will not honor checks more than
six months old but can honor a check no matter how old".
But back to where this started, you paid your uncle on the date you gave
him that check.
Michael D Novack
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