Legal Question in Banking Law in Connecticut
check endorsements
I have received a payment by check with the following endorsement on the front- Final Payment-Paid in Full-2006 Account.
This check was received by our lock box and deposited.
Is this truly a payment in full even though a balance remains?
Asked on 4/16/07, 11:18 am
1 Answer from Attorneys
Peter Van Dyke
Eagan, Donohue, Van Dyke, & Falsey, LLP
Re: check endorsements
It depends on the nature of the transaction. There is an equitable defense called accord and satisfaction that may preclude you from collecting the balance if the debt is disputed. I'd be happy to discuss this with you in more detail. There is no fee for this consultation.
Peter
Answered on 4/16/07, 11:30 am
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