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ref. both banking law and family law - restraining order for…

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ref. both banking law and...
ref. both banking law and family law - restraining order for judgement of child support arrears // bank cashiers check stop payment placed by bank.
the following is the time line of all occurences and actions taken:
2/12/2010- opened chkg acct. for electronic payment of ssdi check
2/23/2010- ssdi check for retro pay of 64k deposited
3/08/2010- purchased cashiers check for 64k- funds for chk withdrawn for payment
4/19/2010- recvd cashiers check for 54k - bank issued (2) other cashier checks payable
to BOA & AE and the remaining bal. of my 10k in cash
5/19/2010- recvd letter advising me of hold being placed due to restraining order for . judgement for child support arrears.
5/28/2010- placed formal complaint with OCC- treasury dept in ref. to Chase refusal to
cash cashiers check- told it would have to be deposited and funds would be avail following business day. Acct. being frozen would cause check deposited to be held. Chase told me that otherwise they would not be able to cash it
6/07/2010- recvd letter from chase corp. office advising that they recvd my complaint from OCC and were to attempt to resolve it and contact me thereafter.
6/14/2010- Chase corp office called me to confirm them trying to resolve complaint
6/25/2010- Chase called me to tell me that their legal dept had placed a stop payment on my check
Submitted: 8 years ago.Category: Business Law
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7/1/2010
Business Lawyer: Richard - Bizlaw, Attorney replied 8 years ago
Richard - Bizlaw
Category: Business Law
Satisfied Customers: 10,841
Experience: 30 years of corporate, litigation and international law
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When was the restraining order issued and served on bank? Was the check you received certified check or just a bank check?
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Customer reply replied 8 years ago
order issued 5/12/10. Bank hold letter dated 5/19/10.

check I recvd is a Bank Cashiers Check. I am both the remitter and the pay to the order of. Check names chase as the drawer with their vp's signature.

Of course I am no attny or have any prior knowledge of my situation.
My research describes the cashiers check and my payment for it a completed sales. Sale and purchase were done, seller passes ownership of or any claim upon the item. The cashiers check is considered to be a bankers draft, where the funds are taken directly from the financial institution rather than the individual drawer's acct. A cashiers check is a check guaranteed by a bank. In the U.S., under article 3 of the Uniform Commercial Code a cashiers check is effective as a note of the bank. Also, according to Regulation CC (RegCC) of the Federal Reserve, cashiers checks are recognized as "guaranteed funds.

I included the abv info, of which I would like to know if it refers to my situation. Please decipher this info and let me know your opinion.
Thank you, XXXXX XXXXX hear back from you.
Business Lawyer: Richard - Bizlaw, Attorney replied 8 years ago

As I see it the situation as as follows. The cashiers check is the same as a bank check. A bank check is different from a certified check. A certified check basically removes the funds from your account for the benefit of the payee on the check. That is a done transaction. A cashiers or bank check is nothing but a promissory note from the bank to the payee. If the restraining order was delivered to the bank prior to your presentation of the check, the restraining order would require the bank to deliver the funds it has that are due you on the debt to the court. Had you presented the check prior to the restraining order, then you would have been paid.

 

the same result would apply if the bank went into bankruptcy. Your cashier's check would be an unsecured debt of the bank. On the other hand a certified check would be segregated funds due the payee.

 

This communication is not intended as legal advice. A local attorney should always be consulted for legal advice. No client/attorney relationship is intended or created by this communication.

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Customer reply replied 8 years ago
i failed to note that I endorsed the check payable to abc corp. They are the ones that are requesting payment for the cashiers check which they now own. First transaction - bank relinquished ownership and interest to me. Second transaction- I relinquished owner and interest to abc corp.
Also would you pls reference all phases of my questions. ex. article 3 of the uniform commercial code//regulation cc (regcc) of the federal reserve.banking rule & regulation which would apply??
Customer reply replied 8 years ago
a bank check is not a promissory note, it is a bill of exchange drawn on the bank upon itself and is accepted by the act of issuance. The right of countermand, as applied to ordinary checks, does not exist as to it. A cashiers check is classed with bills of exchange payable on demand. Also refer to the law of negotiable instruments subsection 206 Sub division A- checks. Find it very hard to believe that such basics as these are not known by a banking attny graduated from harvard with so many years of experience, with all due respect.
Business Lawyer: Richard - Bizlaw, Attorney replied 8 years ago

The check is effectively a promise to pay by the drawee to the drawer of the check. The drawer of the check directs the drawee to pay a debt owed to the drawer to the payee. The check is now an obligation to pay your the payee. That is how it works. If the bank cannot meet its obligation, you are an unsecured creditor of the bank. That is why if the bank files for bankruptcy your cashiers check is just an unsecured debt of the bank and you are lumped in as an unsecured creditor. Until presented and paid the bank still is a debtor obligated to pay the instrument. If you pursue the matter, you will find out that the bank was obligated to honor the restraining order for this reason.

 

Make the motion to hold the bank in violation of the law for failing to pay you on the cashier's check and if you are right you will be paid.

 

This communication is not intended as legal advice. A local attorney should always be consulted for legal advice. No client/attorney relationship is intended or created by this communication.

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