Asked by
Yokesh Kumar
on Nov 28, 2024Verified
Gillis writes a check to Harley as payment for a game player but soon discovers it is broken. Gillis goes to the drawee bank and orally authorizes Ilene, a bank officer, to stop payment on the check. This order is valid for
A) fourteen days.
B) any stated period of time.
C) six days.
D) six months.
Stop Payment
An instruction to a bank not to honor a check or payment previously authorized, often due to disputes or errors in the transaction.
Drawee Bank
The bank upon which a check is drawn and is responsible for paying the amount specified.
Bank Officer
An individual who holds a management or executive position within a banking institution, responsible for certain operational aspects.
- Familiarize oneself with the systems and prerequisites involved in the issuance of stop-payment directives on checks.
Verified Answer
CF
Learning Objectives
- Familiarize oneself with the systems and prerequisites involved in the issuance of stop-payment directives on checks.