The Virginia enterprise. [volume] (Virginia, St. Louis County, Minn.) 1893-19??, 1903-05-22
RULES ABOUT BANK CHECKS,
served by Those Who Have
+ Banking BUSINESS. s*

and are used to a proportionately
great extent. They are in nature but
orders for the payment of money
and are payable in the order in which
they are presented. AS given in the.
usual course Of business they do not
constitute payment of the indebted
ness for, which they are given until
paid. Nor will the concurrent re-
ceipting of the debts. for which they
are given change this. If they are not
paid on proper presentation resort
may be had to the aboriginal claims:
The rule is different in this respect as
to certified checks. So the having of the
checks certified constitutes payment
as to the persons drafting them, says
the National Banker.
Checks should be dated. If not
dated at all and they do not contain
any statement: as to when they are to.
be paid they are never payable. They
may be ante or post dated as we'll as
dated on the day of delivery. By be-
ing antedated they may be made to.
cover prior transactions and in a
measure determine the relative rights
of the parties to them, provided that
no fraud is intended or done. Post
da ting in the main determinesthe date
of payment.
When postdated so as to fall due on
Sunday they are payable on the fol-
lowing Monday. Checks postdated or
maturing on legal holidays should be
presented the day following. When
postdated checks are paid before the
dates mentioned the money paid on
them can be recovered. If blanks are
left for the date the holders of checks
are thereby authorized to insert the
true dates of delivery, but no other
dates, and if they insert any other
date it makes the checks void. Chang
ing the date of checks without" con-
sent of the drawers will do the same.
The presumption is that when
checks are drawn funds viii be pro-
vided at the banks on which they are
drawn to meet them, but presenta-
ton for payment must be made with
in a reasonable time. If not so pre-
scented the holders will be charged
with any consequent loss. When per-
sons receiving checks and the banks
on which they are drawn are in the
same place, they should be presented
the same day or at the latest the: day
after they are received.
After duly presenting checks it is
also the duty of the holder, if they
are not paid, to notify the drawers be-
fore the close of the next secular day
following the presenta and dis
honor. No particular form of notice
is required. 1t may be written or
| verbal.
The principal case in which losses
occur from failure to use due diligence
in the collection of checks is where
the banks, on which they are drawn
fail in the meantime. If the banks
continue solvent the drawers will re-
man liable to pay their checks for
months at least after they are drawn.
Presentation and notice of dishonor
will also be dispensed with where
there are no funds to pay checks and
| where the banks on which they are
drawn suspend payment before they
can be presented, using proper dill
| gence. After receiving checks they
must be presented for payment, unless
such presentation would be useless be-
fore the original. claims cam be sued on,
for, by accepting checks, there is. an
implied agreement to use that method
of procuring the money for which they
| are drawn.
When checks are negofiabl and
pass by Endorsement or delivery the
same degree of diligence will be re-
quired of each person to whom they
are Endorsed, in order to hold those in
dorsing them, as is required of original
payees to hold original drawers of
checks. But by putting checks in cir
culation the liability of the drawers
cannot be prolonged. They must be
presented within the same time by in
dorsees as by payees.