Stale Check
STALE CHECK
A document that is a promise to pay money that is held for too long a period of time before being presented for payment.
A check is considered to be stale when it is outstanding for a period of six months or more. A bank is not obligated to pay a stale check.
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Paxton's Case Gray, Mass. Repts., 51 469 (1761) , pay1 / pā/ • v. (past paid ) 1. [tr.] give (someone) money that is due for work done, goods received, or a debt incurred: [tr.] he paid the locals to… Commercial Paper , A written instrument or document such as a check, draft, promissory note, or a certificate of deposit, that manifests the pledge or duty of one indiv… Draft , draft / draft/ • n. 1. a preliminary version of a piece of writing: the first draft of the party's manifesto | [as adj.] a draft document. ∎ a plan,… DOWN PAYMENT , DOWN PAYMENT
A percentage of the total purchase price of an item that is proffered when the item is bought on credit.
In an installment sales agreeme… Promissory Note , PROMISSORY NOTE
A written, signed, unconditional promise to pay a certain amount of money on demand at a specified time. A written promise to pay mon… Bank , Bank
A bank, at its most basic level, is an institution that holds people’s money for safekeeping and lends money to individuals and businesses for a…
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Stale Check