Managing the Risks of Payments Systems by Paul S. Turner

By Paul S. Turner

Offers a entire assessment of resources of company threat and significant regulate measures.

  • Identifies dangers inherent in company funds systems.
  • Shows find out how to examine credits threat, improve rules, and keep watch over the total threat administration process.

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So long as the holder is not aware of the relevant facts and otherwise qualifies as a holder in due course, however, the holder in due course is entitled to payment “on the instrument”; that is, the holder is entitled to be paid by the drawer of the check. The drawer may not assert the defenses to payment of the check against the holder in due course that the drawer would have under contract law against the original payee. 36 Notice of Fraud or Defenses to Payment Suppose, for example, that a buyer draws a check to pay for what it subsequently discovers are fraudulent goods.

Exceptions to the Basic Rule There are two exceptions to the basic rule that the payor bank is liable when it has paid a check that was not properly payable because the signature on the face of the check was unauthorized or the payee’s name or the amount of the check was altered. Duty of the Customer to Report Fraud. The first exception to the basic rule is based on the customer’s duty to report fraud. The customer must be reasonably prompt in examining its bank statement to determine whether any paid check was altered or not authorized.

The London bank sends bank “A” a payment instruction by telex or through the SWIFT system. ) Bank “A” verifies the London bank’s message, then prepares and releases the data to CHIPS. ” If any credit limit is exceeded, the message is rejected. The CHIPS computer creates a record of the transaction and the debits and credits for the CHIPS records. When bank “B” receives a CHIPS credit message for one of its respondents, bank “B” notifies that bank that the funds are being credited to its account.

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