0
Agreeably, some courts don't feel the date on the check makes any difference at all. that it is simply a demand note as of it's issuance.
But even under the alternative, why wouldn't a financial instrument (a check) NOT be legal? It is able to be redeemed at some future time. It basically becomes a promise to pay at some time, not on demand now. Almost all financial instruments have time frames that you need to wait for them to mature, or after which they become worthless.
Of course, the issuer of a check can't say it is payment in full when issued. It is only worth what the one accepting it agrees it is worth (the present value of the promise, like any promise to pay something in the future).. And the check must be covered when it is supposed to be, and if not, then it can be a criminal act.
Section 3-104(2)(b) of the UCC, defines a check as "a draft drawn on a bank and payable on demand." A postdated check, since it is not payable on demand, does not satisfy this demand. Consequently, it has generally been held by most states that the giving of a post-dated check does not constitute a present fraud nor is it within the scope of the bad check laws.
What else can I help you with?
What are the laws regarding post dated checks?
In the United States, post-dated checks are generally legal, but banks are not required to honor them. If a post-dated check is deposited before the date written on it, the bank may process it unless the account holder has provided the bank with written notice not to do so. It is recommended to communicate with the payee and your bank to ensure the check is deposited on the intended date.
What is the law on Post dated checks in Louisiana?
In Louisiana, post-dated checks are generally considered valid, but they may not be enforceable until the date on the check. The issuer of the check should communicate its post-dated nature to the recipient, as banks are not obligated to honor a post-dated check until the date specified. If a check is cashed before its intended date, the issuer may have grounds to dispute the transaction. However, it's advisable for individuals to consult legal counsel for specific situations or disputes involving post-dated checks.
Is it legal to write a post dated check in Pennsylvania?
No. Writing a post dated check in Pennsylvania is perfectly legal as long as the person to whom you give the check does not submit it for cashing before the date you put on your check. For that matter, it is not illegal to write a post dated check in any country
Is a post dated check illegal in Florida?
I worked in banking for years, and never heard of post dated checks being illegal.
Are postdated checks illegal?
Are post-dated checks issuing allowed by the State law in Greece or it is forbidden? Tks for the answer. Massimo
Is it possible to have a post dated manager's check?
Yes, it is possible to have a post-dated manager's check, but it depends on the policies of the issuing bank. While manager's checks are typically considered guaranteed funds, banks may not honor a check that is post-dated. It's advisable to check with the bank to understand their specific rules regarding post-dating manager's checks.
Is it illegal to postdate a check?
It is not illegal to post date a check. Though it is illegal in some states to request someone to write you a (or many) post dated checks to guarantee payment. The check is not legal tender until the date on the check.
What is the law on Post dated checks in Texas?
Post date a check means that you write a check on a day and mention the date of a future day in the check. i.e., let's say I give you a check today 22 January 2011 and write the check date as 15 February 2011. This is post dating a check. This means that you cannot cash the check until 15th February 2011 and until then the check is of no value. Post Dated checks are perfectly legal as long as the person who receives the check does not cash it before its due date. Please note: If you send a post dated check in to ,say your mortgage company!! They are NOT going to look at the date! They will send it on to the bank, If it is early..... it will be sent back as non sufficient. This can cause a lot of issues. None of this is answering the question as to what is the law!! I WILL be learning this today and will answer here again.
Are post dated checks followed by banking prodecures?
I cant share about every bank but i know that is a post dated check is presented at the bank i work at we will not honor it. That said, if a post dated check is dropped in the night deposit or ATM machine we really have no choice but to process it. It is technically illegal to write a post dated check.
What is the treatment of post dated checks to bank reconciliation?
debit to cash and credit to accounts receivables
What are the consequences for writing bad checks in pa?
If someone writes 4 bad checks that were post dated what charges would they be facing in this situation.
Can a post-dated check be deposited before the post date?
yes it can be deposited since checks can be posted before their maturity date
