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What is Liability in Crossed Check Transactions about?

The document summarizes two court cases regarding liability for crossed checks that were deposited or cashed by unauthorized parties. In the first case, the court ruled that the collecting bank assumes responsibility as the last endorser of a crossed check in accordance with Section 66 of the Negotiable Instruments Law. The second case also affirmed that a crossed check may only be deposited and may only be negotiated once to someone with a bank account, as crossing a check serves as a warning that it is in

Author

BLACK mamba

Language

EN