I don't know about your bank but stopping payment on a cashiers is quite an ordeal.
A cashier's check is a draft drawn by a Bank on itself, which the Bank agrees to honor when properly presented for payment. The Bank, not its customer, signs the check. (UCC Sec. 3104(3) (g)). This means that the Bank is liable to pay the check. Theoretically, the Bank has set aside funds from the Customer's account to reimburse itself when the check is presented for payment by the payee. In contrast to the certified check, you could seek remedies immediately and directly against the Bank if there is a problem with the payment of the cashier's check.
If either type of check is lost, destroyed or stolen, the Bank may require a bond or another security before reissuing the check. The Bank also may refuse to honor either type of check if there are material alterations (raising or lowering the amount, changing names or dates). Otherwise the Bank must pay the check when it is presented for payment in its unaltered original form. (UCC Sec. 3412)
Under certain circumstances, for example, the lack of a proper endorsement by the payee, the Bank may refuse to honor either type of check. Although it is not obligated to do so, the Bank may decide to honor a Customer's request for a stop payment on either type of check. However, the Bank does so at its own risk and, particularly for a cashiers check, it may be liable for damages for wrongful dishonor. (UCC Sec. 3411 (b)).
Why the lawyer felt the need to issue a cashier's check is just another error he's made in this simple process. I can only wonder what other screw ups he's made that aren't as obvious but possibly even more costly.
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - A Brief History of Tractors in Australia - by Bob Kavanagh. After Captain Cook's exploration of the east coast in 1770 the British Government decided to establish a penal colony in Australia. The first fleet arrived in 1788 and consisted mainly of convicts who were poorly equipped and new little of farming techniques. The colony remained far from self-supporting and it was not until the early 1800's that things started to improve. Free settlers started to arrive, they followed the explorers across the mountains and where land was suitable set up farms. T
... [Read Article]
Latest Ad:
For sale Farmall super A tractor is complete and has just been setting for awhile,it was running when pulled out of the barn,shouldn’t take to much to get it going asking 1100.00
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
