Legal Question in Business Law in California

Re: Is a 50 year old check collectible?

Howdy:

This might actually be a situation where it's better to beg forgiveness than ask permission.

While the previous answers are correct, that the check is probably not collectible, you may want to just deposit it. But, before you do, be sure that you have the authority to do so.

Also, after 50 years, the account the check is drawn from probably doesn't exist any more. So, assuming the check is dishonored, your bank will charge a fee for handling the returned check. Usually, a bounced deposit runs about $5-10.

If the account is still open, and the check clears, expect a call from them ... or their lawyer!

Make copies before you let anything go.

rkr

Re: Is a 50 year old check collectible?

You could always approach the company and ask them if they would re-issue the check, but I seriously doubt they would.

Irrespective of what the commercial code says, as a general rule in California, the statute of limitations on a contract is either two or four years, depending on whether the contract was written or oral. Commercial debts arise, in most cases, out of some sort of contract. Since it has been in excess of 40 years since the check was written, I doubt you would be able to take any sort of legal action to recover the debt.

Re: Is a 50 year old check collectible?

Probably not, but why not ask.

Re: Is a 50 year old check collectible?

Thank you for your posting.

Certain laws apply to banks, including the FDIC guidelines, and the Uniform Commercial Code. That Code states that any check that is more than 6 months old does not have to be honored by a bank. (See section 4-404.) However, the bank may CHOOSE to honor the check, but only the bank could do so, and it would be within their rights not so.

I hope that this information helps, but if you want more information, have further questions, or feel that you need legal representation, please feel free to email me directly at [email protected]. It's my pleasure to assist you in any way that I can.