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Download Managing the Risks of Payment Systems by Paul S. Turner PDF

By Paul S. Turner

Offers a accomplished evaluation of resources of company hazard and significant keep watch over measures. * Identifies hazards inherent in company funds structures. * indicates the right way to examine credits danger, strengthen rules, and keep an eye on the full danger administration approach.

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00 and 100 xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Dollars Illegible Signature Authorized Signatory, ABC Inc. AM FL Y Memo: TE employee, then any endorsement of the check in the name of XYZ Corp. is fraudulent and the check is not properly payable, but the rules regarding fraudulent endorsements, discussed later, may make ABC Inc. liable for the fraud of its employee. Exceptions to the Basic Rule There are two exceptions to the basic rule that the payor bank is liable when it has paid a check that was not properly payable because the signature on the face of the check was unauthorized or the payee’s name or the amount of the check was altered.

From XYZ Corp. XYZ Corp. has every right to refuse to accept the check and demand payment in dollars. If, however, XYZ Corp. , the obligation of ABC Inc. to pay XYZ Corp. ” If XYZ Corp. presents the draft for payment to the Rock Rib Bank and the drawee declines to pay it because of insufficient funds or for any other reason, the obligation of ABC Inc. to pay XYZ Corp. for the merchandise is revived. The drawer is liable to the payee when the drawee declines to pay the instrument. Suppose that instead of presenting the check for payment, ABC Inc.

The customer is allowed a reasonable time, not to exceed 30 days, if the check is the second in a series of fraudulent checks attributable to the same perpetrator. If the bank has failed to exercise ordinary care in paying the check, however, the court apportions the liability. The court determines the degree to which the failure of the customer to report the loss within the allotted time contributed to the loss and the degree to which the failure of the bank to exercise ordinary care contributed to the loss.

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