payment of check

payment of check
The act of the drawee bank in handing over money, in the amount in which the check is drawn, to the payee or indorsee, or in giving the payee or indorsee something in lieu of cash, often a credit in his account at the bank in the amount of the check, accepted unconditionally by the payee or indorsee. 10 Am J2d Bks § 543. While the phrase "to pay" in ordinary parlance may seem to connote only payment to a third party, as a matter of law a bank does "pay" a check drawn on it in its own favor; that is to say, it charges the same against the account of the depositor and causes that check to augment the bank's own funds. Colby v Riggs National Bank, 67 App DC 259, 92 F2d 183, 114 ALR 1065.

Ballentine's law dictionary. . 1998.

Игры ⚽ Поможем написать курсовую

Look at other dictionaries:

  • Payment — A payment is the transfer of wealth from one party (such as a person or company) to another. A payment is usually made in exchange for the provision of goods, services or both, or to fulfill a legal obligation. The simplest and oldest form of… …   Wikipedia

  • Check card — The term check card can refer to: An identification card issued by a retailer allowing the holder to tender payment by check. Such cards were commonly issued in the United States by supermarkets and other retailers before the widespread use of… …   Wikipedia

  • check — n 1: something that limits or restrains see also checks and balances 2: a written order signed by its maker directing a bank to pay a specified sum to a named person or to that person s order on demand see also negotiable instrument compa …   Law dictionary

  • Check kiting — is the illegal act of taking advantage of the float to make use of non existent funds in a checking or other bank account; it is a form of check fraud. It is commonly defined as intentionally writing a check for a value greater than the account… …   Wikipedia

  • payment in full — The giving of all funds due to another. This language is often inserted on the back of check above the place for endorsement to prove that the payee accepts the payment as complete. Category: Business, LLCs & Corporations → Business Accounting,… …   Law dictionary

  • payment of a check — payment of the sum written on a check to its bearer …   English contemporary dictionary

  • check-off — Under Section 68 of the Trade Union and Labour Relations (Consolidation) Act 1992, deductions may be made from wages by the employer in the event of a payment to a third party to which the employee consented, e.g. under a union check off… …   Law dictionary

  • Check 21 Act — The Check Clearing for the 21st Century Act (or Check 21 Act) is a United States federal law, Pub.L. 108 100, that was enacted on October 28, 2003 by the 108th Congress. The Check 21 Act took effect one year later on October 28, 2004. The law… …   Wikipedia

  • payment — I (New American Roget s College Thesaurus) Act of paying Nouns 1. payment, defrayment; discharge, remission; acquittance, quittance; settlement, clearance, liquidation, satisfaction, reckoning, arrangement, restitution, repayment, reimbursement;… …   English dictionary for students

  • check — I n. order to a bank (BE has cheque) 1) to issue, make out, write out a check to 2) to draw a check against one s account; to draw a check on a bank 3) to cash; clear; deposit; present a check 4) to cover a check (by making a deposit) 5) to… …   Combinatory dictionary

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”