Postdating check illegal illinois

The guilty party of a fraudulent check is usually the person who signed the check, but it could also be the person who fraudulently passed it on, or even a third party who endorsed and passed the check on to another.. On stop payment, 15 days following written demand to drawer's last known address, holder may collect fee not to exceed ; failure to make restitution and pay collection fee will result in liability of twice the amount of check but in no event less than . Amount of check plus lessor of: if no bank account - 0 or amount of check; or if insufficient funds - 0 or amount of check.

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The Uniform Commercial Code states that a bank may honor a postdated check provided the check is otherwise safe to cash and the account owner has not provided the bank with "reasonable notice of the postdating.

This means that a tenant may legally postdate a check to you and that you may even be able to cash it when you receive it, but if the bank has been notified of the postdating you will have to wait until the date listed on the check instrument before you may receive the funds.

In most cases, the recipient can deposit the check at any time.

Unless you set things up correctly with your bank, the bank is free to pay funds out of your account before the date shown on your check.

As a landlord, collecting a check that has been postdated could be dangerous.

Last modified 23-Nov-2019 03:02