Legal Question in Business Law in New York
LOST CHECK - Must it be replaced?
Mortgagee tendered a mortgage payment by a third party check and cash to morgagor. Mortgagor lost the third party check. Mortgagee has a receipt for all payments. Is mortgagee required to replace the check or does the BANK have to EAT THE LOST CHECK?
2 Answers from Attorneys
Re: LOST CHECK - Must it be replaced?
The bank is not required to eat the check and the Mortgagee is allowed to have it replaced by the original issuer. Notify the original issuer of its loss, have the Mortgagee cover the costs for the stop-payment charges (since he lost the check) and have a replacement issued. This is the normal way to handle this.
Re: LOST CHECK - Must it be replaced?
Of course they do not have to eat the lost check...they were not paid. Stop payment on the check and replace it.
Good Luck
RRG
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