Ad Majorem.....
Do not be lulled into lending against post dated checks. Some reminders if you do:
l. Be sure that the issuer of the check is the one borrowing from you. If not, be sure he endorses (signs the check at the back) But that is a shaky proposition for you.
2. At all cost do not accept second endorsement check. If anything happens, you are the holder in due course and you are one liable, not the issuer (If the check is fake you suffer the loss)
3. Negotiate the PDC on the due date, do not accept request for extension or redeposit. If you do not, the pdc cannot be filed as criminal offense under BP 22.
4. Demand promptly or notify promptly the issuer of PDC; if you neglect....
The best thing is do not allow credit with PDC
Do not be lulled into lending against post dated checks. Some reminders if you do:
l. Be sure that the issuer of the check is the one borrowing from you. If not, be sure he endorses (signs the check at the back) But that is a shaky proposition for you.
2. At all cost do not accept second endorsement check. If anything happens, you are the holder in due course and you are one liable, not the issuer (If the check is fake you suffer the loss)
3. Negotiate the PDC on the due date, do not accept request for extension or redeposit. If you do not, the pdc cannot be filed as criminal offense under BP 22.
4. Demand promptly or notify promptly the issuer of PDC; if you neglect....
The best thing is do not allow credit with PDC
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