Asked by
Vince Portah
on Nov 23, 2024
Verified
Brendan prepared a cheque payable to Joey and placed it in the pocket of his coat. Later in the day, while shopping, his coat was stolen. Brendan may contact the bank upon which the cheque was drawn, and countermand payment of the cheque. The bank must thereafter refuse payment of the cheque if it should be presented for payment.
Countermand Payment
The act of canceling a payment or stopping the processing of a payment order by the payer.
- Gain insight into the privileges and liabilities of individuals involved in the use of negotiable instruments.
Verified Answer
HW
Learning Objectives
- Gain insight into the privileges and liabilities of individuals involved in the use of negotiable instruments.