By Paul S. Turner
Presents a accomplished review of assets of company hazard and significant keep an eye on measures. * Identifies dangers inherent in company funds structures. * exhibits tips on how to investigate credits chance, advance rules, and keep an eye on the complete probability administration strategy.
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Extra resources for Managing the Risks of Payment Systems
Example text
What about stop payment? In the example, ABC Inc. is the drawer of a check drawn on the Rock Rib Bank. The check embodies a trade debt of ABC Inc. to XYZ Corp. If XYZ Corp. , 27 Checks and the Risk of Fraud XYZ Corp. , for two reasons. First, XYZ Corp. is entitled to payment of the trade indebtedness in the underlying transaction for the sale of merchandise. Second, XYZ Corp. is entitled to payment on the draft. As noted earlier, the payee of a draft is entitled to payment from the drawer when the drawee declines to pay it.
The drawer, and to all prior endorsers— that is, to Payee 1 and Payee 2—Payee 2 can look for 26 Negotiable Instruments payment to ABC Inc. ) to ABC Inc. The holder of the check has recourse to the person who negotiated the check to the holder, to all prior endorsers, and to the drawer. An endorser has recourse to prior endorsers and the drawer. However, the holder and endorsers do not have recourse to an endorser that endorsed the check without recourse, that is, by adding the words “without recourse” to its endorsement.
CHECK SYSTEMS The ubiquitous check has a long history, and a lot of machinery and technology has been invented for processing checks. The paper check is the oldest and most frequently used noncash payment instrument in the United States. The legal rules that govern the rights and obligations of drawers, drawees, and holders of checks today are essentially the same as those that applied in earlier periods to bills of exchange. ), discusses the operation, the governing law, and the risks of check systems.