Is postdating a check
A postdated check or draft will display a future date on it.A check user will often write this in to specify that they do not want to withdraw the amount of the check until the date specified.(4) A cheque is not incomplete or irregular on its face by reason only that it is post-dated (whether or not the date has arrived).The Commonwealth Bank of Australia's rules and conditions for cheques (2014: Section 1.7.6 'Dishonour of cheques') clearly state that a cheque will be dishonoured if it is presented before the post-date as written on the cheque for the reason that, '..cheque bears a date that is in the future.(For example, if Mike writes a check on the 14th of January, but postdates it for the 28th, the bank will not cash the check for another two weeks.) Article 3, Section 113 of the Uniform Commercial Code (UCC) outlines the rules for postdated checks. S., the Uniform Commercial Code is a standard set of business laws to regulate financial contracts.The UCC better enables lenders to loan money, secured by a borrower's personal property.
The sweeping language in , though, I wonder, whether a distinction could be made between a situation where the check-writer genuinely expects to have the money to cover the check on the date he assigns, and a situation where the check-writer knows full well that he will not have the money to cover the check on that date. There may be an argument that in the latter type of case, the check-writer does “know at the time of the making” that he doesn’t have, and won’t have, sufficient funds to cover the check. knowing at the time he did not have sufficient funds.”).They may not have access to credit cards, forcing them to use the services of a local or regional payday loan company.To add further risk, payday loans can be rolled over for additional finance charges. I tell him that I need to date the check with next Monday’s date, because my paycheck will be directly deposited into my bank account late on Friday, which will give me sufficient funds to cover the check. For example, suppose that I write a check today to my mechanic for 0. Nationally, there’s a split of authority about whether post-dated checks fall within worthless check laws: [Some courts hold that they do not,] because the delivery of such a check implies on its face a present insufficiency of funds .