Legal Question in Credit and Debt Law in Washington
Meaning of paid
Is a debt considered legally paid when the payee receives the check or when the check clears the bank?
Asked on 6/13/07, 11:58 pm
1 Answer from Attorneys
Elizabeth Powell
ELizabeth Powell PS Inc
Re: Meaning of paid
The payor's duty is to get the instrument to the place where it is due. WA follows the mailbox rule, which means that mail is presumed delivered three days after it is postmarked. (If mailing is an issue). You'd want to postmark the rent on the rent on the 28th to demonstrate receipt by the 1st.
But the instrument is fully negotiated when the funds clear the bank and are transferred to the other party. Elizabeth Powell
Answered on 6/14/07, 11:49 am
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