Legal Question in Banking Law in Philippines
Certified bank draft
Does certified bank draft expires?
What happens to the money when it expires?
Asked on 11/11/08, 11:14 pm
1 Answer from Attorneys
Ramoncito Baylosis
Baylosis Culangen Philippine Law Office
Re: Certified bank draft
All drafts have expiry dates. Expiry date depends if it is to be deposited locally or overseas.
Local 3 months. Overseas 6 months.
What happens to the money if draft expires? It is held by the bank usually until they receive new instructions from the applicant.
Answered on 11/11/08, 11:17 pm
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