Signing over a large check to someone | TigerDroppings.com

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70739tigah
New Orleans Saints Fan
Baton Rouge
Member since Nov 2007
909 posts

Signing over a large check to someone


Is there any rules against signing over a large check to someone. I know you can do it. I just dont know if there are rules against large sums. Im waiting on an insurance check for $19k and I found another car online that I want. I don't know how long it's gonna be there. To cut down on process time, I would like to sign over the check to get the car.






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Quidam65
Florida Atlantic Fan
Q Continuum
Member since Jun 2010
8902 posts

re: Signing over a large check to someone


No, but some banks may not take it from the presenter.





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Athanatos
Vanderbilt Fan
Baton Rouge
Member since Sep 2010
6458 posts

re: Signing over a large check to someone


When you sign the check, it becomes bearer paper.





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Alabama Slim
Alabama Fan
2009,2011 BCS National Champions
Member since Jul 2007
9427 posts

re: Signing over a large check to someone


quote:

To cut down on process time, I would like to sign over the check to get the car.



I think a bank is going to give who ever has that check a hard time when they try to do something with it. If you put the money in your account the bank will probably hold it for 7 business days before you can do anything with it.

ask the owner if he'll take a deposit to hold the car for you until the money clears. But then you are putting a lot of trust in the seller.



This post was edited on 6/8 at 9:41 pm


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bbrownso
LSU Fan
Member since Mar 2008
2707 posts

re: Signing over a large check to someone


quote:

When you sign the check, it becomes bearer paper.

Not if you do a specific/special indorsement.

If the check is for a large amount of money, the bank will likely be very suspicious of the indorsement to cover themselves. Might want to just deposit the check and wait the days until it clears.






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Dead Mike
LSU Fan
Cell Block 4
Member since Mar 2010
1769 posts

re: Signing over a large check to someone


quote:

Is there any rules against signing over a large check to someone. I know you can do it. I just dont know if there are rules against large sums. Im waiting on an insurance check for $19k and I found another car online that I want. I don't know how long it's gonna be there. To cut down on process time, I would like to sign over the check to get the car.


They're going to need to verify that it's your signature on the top endorsement, which might be difficult. They'll also likely place an extended hold on deposit of the check, and probably will refuse to cash it.






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Teddy Ruxpin
LSU Fan
New Orleans, LA
Member since Oct 2006
18922 posts

re: Signing over a large check to someone


quote:

They're going to need to verify that it's your signature on the top endorsement, which might be difficult. They'll also likely place an extended hold on deposit of the check, and probably will refuse to cash it.


Ya, learned all about bearer paper and all that bull shite for the bar exam, only to find out its basically worthless to attempt on a practical level.






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