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I sold a vehicle to a private party on 3/12/10 for $13,500.

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We then purchased a cashiers...
I sold a vehicle to a private party on 3/12/10 for $13,500. We then purchased a cashiers check in the amount of $14,036, witch was the payoff amount. We mailed the payoff to the lien holder. After 19 days they had not got it. We returned to the bank and asked if we could stop payment and get a new check to re-mail. The back rep said no problem, a small fee ($30) and we get a replacement check. He initiated the stop payment and then told us we had to pay 10% of the check and get a surety bond. The bond required us to prove that we had 2x the amount of the check in liquid assets. We do not have that. We decided that we would exhaust the tracking process with the post office. 3 days later the lien holder got the check and submitted it for payment. The check was returned due to "stop payment". We now had to wait 90 days to get a new check. Now the payoff is $600 more. Back says they are not responsible. We never signed anything for the stop payment. I have more info but no more space 2 typ
Submitted: 8 years ago.Category: Legal
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Answered in 7 minutes by:
6/21/2010
Lawyer: FLACORPLAWYER, Attorney replied 8 years ago
FLACORPLAWYER
FLACORPLAWYER, Attorney
Category: Legal
Satisfied Customers: 4,634
Experience: 23 Years as attorney, licensed NY and FL. Former US ATTY.
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This was an honest mistake on the part of everybody. He initiated the stop and you did not make it clear to him that you wanted the stop removed. Your signature is not required to authorize a stop payment under the Uniform Commercial Code. You can call the bank and do it orally if you want. So I don't think you win in court. But let's assume that the judge thought you were right. The added interest that accrued on your loan in the interim period is what's known as an "incidental or consequential damage" and generally would not be compensable to you in a lawsuit anyway. My legal advice is to move on and forget this ugly incident.
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Customer reply replied 8 years ago
Thanks for the quick reply, The bank did say that stop was lifted, and that if the check had showed up it would be valid, as they understood and recommended that we were going to exhaust the all resources we had with the post office. Wouldn't it simply be assumed on our part that the stop payment had not gone through because we did not have the required bond and we did not pay any fee for the stop?
2 days ago when we got the replacement check I asked the bank manager who is to be blamed for the mix up, she said "I can't answer that wearing this uniform".
Lawyer: FLACORPLAWYER, Attorney replied 8 years ago

The bond is for replacement of the check, not for the stop order. I think we all can agree that an error was made. You asked a legal question, being can you recover $600 in additional payoff interest from the bank under these circumstances. You cannot. Absent a written contract with the bank otherwise, your remedy is limited to the return of the nominal fee that you paid for the original check. The $600 is "incidental" and not recoverable.

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