By Paul S. Turner
Presents a finished evaluation of assets of company threat and significant keep an eye on measures.
- Identifies dangers inherent in company funds systems.
- Shows the way to examine credits probability, strengthen regulations, and regulate the whole threat administration process.
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Additional resources for Managing the Risks of Payments Systems
Example text
To the holder in due course of a check. C. allocates liability for check fraud and check theft among the various parties: the bank customer who issued the check, subsequent holders of the check, and the drawee bank that is instructed to pay the check. Drafts A draft is a three-party instrument. The parties are the drawer, the drawee, and the payee. When the drawee is a bank, the draft is also a check. In a draft, the drawer instructs the drawee to pay the payee. What makes the draft unique is that the payee does not have to present the draft to the drawee.
A typical check satisfies these conditions. A check is a negotiable instrument regardless of whether it contains the traditional “to the order of” wording that is otherwise required of negotiable instruments. 32 Team-Fly® Some Definitions A check can be “disqualified” as a negotiable instrument if the drawer tries to instruct the drawee bank to do something other than to pay money or tries to make the check conditional. A check that is subject to another writing, for example, is conditional. Words such as “Payment is subject to the October 15, 1999, Loan Agreement” would destroy the negotiability of the check.
Mechanical “proof” machines were used to sort the checks into bins for “drawn on us” and ”drawn on other” banks and, for bin categories, listed amounts and total. Each bank prepared remittance letters containing checks drawn on other banks that its customers had deposited. These remittance letters were mailed to the bank’s “correspondent bank” in each geographic location; the letters requested payment for the checks contained therein. Upon receipt of funding from the correspondent bank, the bank credited its customers’ accounts with “good” or “collected” funds and then permitted the customers to withdraw such funds.