Oliver wrote a check to Greg Motors for $4,000 drawn on Uphill Bank in payment for a secondhand car. Greg Motors deposited the check in its account at Seventh Day Bank, which sends the check to Uphill Bank for collection. Oliver's car broke down before he reached home that evening, and he contacted his bank to stop payment on the check. Discuss what Uphill bank must do with the check to ensure a stop payment.

What will be an ideal response?


Uphill Bank must return the check to Seventh Day Bank, with a notation that payment has been stopped, before midnight of the day that it received the check. If Uphill Bank keeps the check longer than that, it will be liable for payment.

Business

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What will be an ideal response?

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Business