Legal Question in Banking Law in New Jersey
Payroll Check Endorsement
Can a management company endorse, deposit, and clear a check made out to another party but in care of (c/o) of the management company in a ''talent trust account''? Ex. Jane Doe c/o management talent company. ... with management company cashing the check.
1 Answer from Attorneys
Re: Payroll Check Endorsement
Yes, but depending on the circumstances, the payment may not discharge any debt to Jane Doe unless she actually receives the payment. Addtionally, if the management company deposits the check, they hold the funds in a fiduciary capacity and are accountable to Jane Doe for payment of any amount due to her.
For her part, Jane should ask for the funds as soon as she can because the management company may not be insured against loss due to insolvency.
See also: http://info.corbettlaw.net/lawguru.htm
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