When payments were made by cheque, the thing in action represented by the cheque belonged to the payee not the drawer.
Everything was tailored to fit the amount and payee of the cheque.
Whether it can reclaim the moneys from the payee is a different matter.
The customer complained to the ombudsman last year after sending a cheque, which named him as the payee but was uncrossed, to his bank.
When a refund cheque is presented to a bank, the bank will cross-check the name and identity details of the payee on the cheque against the bank's own record on the account holder.
Your bank's site will walk you through the steps of registering the accounts you wish to pay bills from and the payee accounts you wish to send money to.
She investigated the matter further, and discovered that she hadn't written the payee in on the cheque.
In not one of these aforementioned cases did the payee admit one ounce of guilt!
Thirty seven percent of these public servants belong to a union and their defined benefit plans are an obligation of the payee by law.
The tax treatment of assets received by an alternate payee is determined by the relationship of the alternate payee to the participant.