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Richard
Richard, Attorney
Category: Business Law
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Experience:  32 years of experience practicing law and a businessman.
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I have negotiated a settlement with Scott Lowry Law firm. I

Customer Question

I have negotiated a settlement with Scott Lowry Law firm. I haven't quite got the entire amount available to me yet and they are insisting on a post dated check and my bank info. Would this be okay
Submitted: 1 year ago.
Category: Business Law
Expert:  Richard replied 1 year ago.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good afternoon. It's legally acceptable to agree to a post-dated check arrangement. But, you want to be careful about several things and incorporate these into your settlement agreement. First, to prevent the law firm from presenting the check before its date and the bank honoring it, you want to conform to UCC Subsection 4-401, which provides that "a bank may honor an otherwise properly payable postdated check before its date unless the customer has given the bank reasonable notice of the postdating." Thus, you want to immediately notify your bank it writing of the check and put them on notice not to cash this check before the date. Second, you want your document to provide that the law firm agrees and acknowledges that the following
provisions of the Fair Debt Collection Practices Act are applicable with regard to the post-dated check and that they will not violate those provision. Specifically, the Act provides that they may not use "unfair or unconscionable means to collect or attempt to collect any debt by:

1) Accepting a check or other payment instrument postdated by more than five days unless the debtor is notified in writing of the debt collector's intent to deposit such check or instrument not more than ten nor less than three business days prior to the deposit.
2) Asking for a postdated check or other postdated payment instrument for the purpose of threatening or instituting criminal prosecution.
3) Depositing or threatening to deposit any postdated check or other postdated payment instrument prior to the date on the check or instrument."



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Customer: replied 1 year ago.
The original agreement was that the account had to be settled by June 13. I ask for more time and they gave me till June 25 do I need them to send me a new agreement letter or Is that not necessary
Expert:  Richard replied 1 year ago.
Thanks for following up. I would put the information I provided into a letter containing the check and inform them that you are sending the check based on their agreement and acknowledgment of these terms with regard to the post-dated check. Put a line for their signature evidencing their agreement and acknowledgment. Tell them if they agree, they should sign in the space indicated and return the signed letter to you and they can cash the check. Tell them if they do not agree, they do not have authorization to ever cash the check and to return it to you or destroy it.
Richard, Attorney
Category: Business Law
Satisfied Customers: 46839
Experience: 32 years of experience practicing law and a businessman.
Richard and 12 other Business Law Specialists are ready to help you
Expert:  Richard replied 1 year ago.
Thank you so much for the positive rating! I appreciate having had the opportunity to serve you! If I can be of assistance to you in the future, just look me up and I will be happy to help! For easy access, my bookmark is: http://www.justanswer.com/law/expert-legalbeacon/

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