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Corporate Finance and Accounting; Treating of the Corporate Finances and Securities the Corporate Books of Account Reports Negotiable Instruments and

Corporate Finance and Accounting; Treating of the Corporate Finances and Securities the Corporate Books of Account Reports Negotiable Instruments and

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1908 Excerpt: ...never discover the too early payment of his check, or he may discover it but not be involved in any loss thereby. In either of these cases the bank escapes without loss to itself. If, however, before the real due date of the check the drawer revokes it as he has full power to do, and notifies the bank to stop payment, or if he surfers any loss from the bank's prepayment, the bank is liable. Not having complied with the terms of the drawer's check, it must itself bear any loss which may result.8 The antedating of a check is rare and has no special effect as between the parties to the check. Apparently the check was drawn at an earlier date than is really the case but as a check is not due until presented for payment, this does not give it precedence at the bank in any way, or give the payee any claims or rights on the drawer's funds in the bank that he would not have had under a check correctly dated. Such checks are, however, occasionally given for ulterior purposes, usually of doubtful propriety. § 219. (b) Amount. A check must be drawn for a certain fixed amount of money. As a matter of practice, the amount of a check is usually expressed in both words and figures. If there is a difference between the written amount and the amount expressed in figures, the written amount will prevail.9 It is sup posed to express the deliberate intent of the drawer, the figures merely supplying corroborative evidence of its correctness. When the amount is written in both words and figures, the figures are entered in such wise as to indicate their subordination--usually on the margin or corner of the check. A check may, however, be drawn with the amount expressed in figures only, or expressed in words only and the general requirements of the law are complied with. The ...