Quiz 22: Banking System,E-Money,and Financial Reform
A check that has been outstanding for more than three (3)months is considered "stale."
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Once a check becomes stale,the bank is no longer obligated to pay it.
A bank that pays a stale check in good faith may charge the drawer's account.
Drawers sometimes write checks that omit certain information,such as the amount of the check or the payee's name,either on purpose or by mistake.These are called "implied-in-law" checks.
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