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(f(4)) "The presentation of a postdated check is not subject to the civil or penal sanctions" that would normally apply to someone who wrote a check with insufficient funds because the postdated check promises "to discharge a present obligation at a future date" and that money would be available to meet the debt when the check is cashed.
Should the question arise the check is "postdated", there should be no problem if the debtor wrote the words "postdated" above the date of any of the checks submitted, however, without this kind of documentary evidence, it may be difficult for the debtor to prove the checks were "postdated".
leginfo.gov' A bank is not obligated to pay a check that is presented more than six months after its date of issue, but may do so if it wishes.
(Commercial Code § 4404) There is no law that prohibits a check writer from postdating a check (giving it a date in the future).
*** is eliminated by the aforementioned "trust sweep", and the account consequently is brought to zero as of the payment date of the pension checks.
In the FDIC deposit assessment audit of December 1986, the FDIC took exception to the pension pay service fund, account no. Furthermore, the FDIC included *** preissued, postdated cashier's checks in the assessment base.
Furthermore, *** honors these checks even if they are presented before their payment date.
In light of *** protest of this assessment, you asked whether or not preissued, postdated cashier's checks are assessable where they are posted to the bank's general ledger on the release date. THE FDIC's POSITION The FDIC's argument essentially is that these preissued, postdated cashier's checks are deposits, and they consequently are assessable. In addition, the payees of *** postdated cashier's checks are on notice that the instruments are not negotiable until the due date. Furthermore, and unlike a preissued, postdated cashier's check, a money order is an effective obligation without restriction on the payment date.
Your *** memorandum states that the *** considers official checks released by a bank for delivery to be issued and outstanding. On the reverse of each draft, *** printed the following statement: "This check must be personally endorsed by the payee in ink in the payee's handwriting." (Emphasis supplied.) Therefore, whereas an "outstanding draft" constitutes an effective but unpaid obligation, a preissued, postdated cashier's check is not an effective obligation until the due date, and *** cashier's checks consequently are not outstanding drafts for purposes of what is a "deposit". Therefore, a preissued, postdated cashier's check is not a "money order".
Miller, Attorney This memorandum responds to a deposit assessment protest submitted by *** of the ***.
*** protests an audit report exception taken to its "pension pay service fund, account no.The scheduled check runs are the monthly pension payments made by the Benefit Payment Services section.