2006 New York Code - Rights And Liabilities Of Remitter Or Payee With Respect To Cashier\'s Check, Teller\'s Check And Certified Check



 
  Section 4-408. Rights  and Liabilities of Remitter or Payee With Respect
                   to Cashier's Check, Teller's Check and Certified Check.
    (1) This section applies if  a  cashier's  check,  teller's  check  or
  certified  check  is  not presented for payment on or before ninety days
  from the date of issuance of a cashier's check or teller's check, or the
  date of certification of a certified check.
    (2) The remitter or payee that causes payment of  a  cashier's  check,
  teller's  check  or  certified  check  to be stopped pursuant to Section
  4--403 (2) engages that upon dishonor of the  check  and  any  necessary
  notice  of  dishonor he will pay, subject to defenses, the amount of the
  check to any subsequent holder or indorser who takes it up.
    (3) When a stop payment order pursuant to Section 4--403  (2)  becomes
  effective  the obligated bank shall refund the amount of the item to the
  remitter or payee that issued the stop payment order, and shall have  no
  further liability on the item.

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