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Message
Signing over a large check to someone
Posted on 6/8/12 at 8:14 pm
Posted on 6/8/12 at 8:14 pm
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.
3
Posted on 6/8/12 at 8:26 pm to 70739tigah
No, but some banks may not take it from the presenter.
Posted on 6/8/12 at 8:26 pm to 70739tigah
When you sign the check, it becomes bearer paper.
Posted on 6/8/12 at 9:39 pm to Athanatos
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 6/8/12 at 9:41 pm
Posted on 6/8/12 at 10:53 pm to Athanatos
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.
Posted on 6/8/12 at 11:34 pm to 70739tigah
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.
Posted on 6/9/12 at 2:20 pm to Dead Mike
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 bullshite for the bar exam, only to find out its basically worthless to attempt on a practical level.
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