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4 Cards in this Set

  • Front
  • Back
WHERE DOES THIS COME UP
Employee signs employers checks w/ authorization, etc
PROPERLY PAYABLE RULE
The drawee bank that honors a forged check MUST re-credit the drawer's account UNLESS drawer was negligent.
WHAT ARE THE DRAWEE BANK'S REMEDIES?
(1) THE THIEF IS ALWAYS LIABLE
(2) THE DRAWEE IS LIABLE IF NEGLIGENT
WHAT IS NEGLIGENCE HERE?
(1) EMPLOYER INDORSEMENT RULE
Employer is negligent if employee was ENTRUSTED w/ handling checks
(2) BANK STATEMENT RULE:
Customer must report wrongdoing to bank WITHIN 30 DAYS of GETTING BANK STATEMENT showing the wrong.
(3) IMPOSTER RULE
If imposter induces drawer to write a check drawer is negligent
(4) NEGLIGENCE ALSO INCLUDES: leaving blanks on spaces in instrument, failing to follow internal procedures, keeping signature stamp in same unlocked drawer as checks, etc.