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Lecture Business law: The ethical, global, and e-commerce environment (13/e): Chapter 34 - Mallor, Barnes, Bowers, Langvardt

Chapter 34 provides knowledge of checks and electronic transfers. In this chapter students will be able to: Recall that bank must pay any properly drawn & payable check; explain bank’s obligation to customer when presented with stop-payment order, certified check, cashier’s check, or a forged or altered check; discuss major features of Electronic Funds Transfer Act. | Commercial Paper Negotiable Instruments Negotiation & Holder in Due Course Liability of Parties Checks and Electronic Transfers 7 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Checks and Electronic Transfers P A E T R H C 34 “Whether we like it or not mankind now has a completely integrated international financial and informational marketplace capable of moving money and ideas to any place on this planet in minutes.” Walter Wriston in a speech to the International Monetary Conference, London (June 11, 1979) Learning Objectives The drawer-drawee relationship Forged and altered checks Check collection and funds availability Electronic transfers 34 - The deposit agreement and UCC Articles 3 and 4 govern the relationship between the depositor and the drawee bank Deposit agreement establishes relationship as creditor and debtor: Person depositing money into a bank account is a creditor of bank to extent of deposits Bank becomes the . | Commercial Paper Negotiable Instruments Negotiation & Holder in Due Course Liability of Parties Checks and Electronic Transfers 7 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Checks and Electronic Transfers P A E T R H C 34 “Whether we like it or not mankind now has a completely integrated international financial and informational marketplace capable of moving money and ideas to any place on this planet in minutes.” Walter Wriston in a speech to the International Monetary Conference, London (June 11, 1979) Learning Objectives The drawer-drawee relationship Forged and altered checks Check collection and funds availability Electronic transfers 34 - The deposit agreement and UCC Articles 3 and 4 govern the relationship between the depositor and the drawee bank Deposit agreement establishes relationship as creditor and debtor: Person depositing money into a bank account is a creditor of bank to extent of deposits Bank becomes the person’s debtor Overview 34 - Bank is depositor’s agent for check collection As agent, bank owes a duty of ordinary care to (a) follow depositor’s reasonable direction about payment of checks and (b) collect checks and other deposits to the account Bank is liable for actual and consequential damages from wrongful dishonor [4–402] Bank may charge properly payable check to depositor’s account even if overdraft results Bank as Agent of Depositor 34 - Bank has no duty to pay stale checks (> 6 mo. old) Bank’s duty to pay may be terminated by depositor’s stop payment order or bankruptcy An altered check or one with a forged signature is not properly payable since bank should be familiar with drawer’s signature But if drawer negligently contributes to forgery or alteration or fails to report forgery, drawer’s account may be rightfully be charged When a bank takes a check for deposit to a customer’s account, it places a hold on funds represented by check until it collects from drawee bank