Legal Question in Business Law in Idaho
paid in full by check
if check has written on the back side, ''Endorsement acknowledges payment in full.'' does this pay off the debt when it is cashed, no matter how much was owing?
Asked on 1/01/04, 1:33 pm
1 Answer from Attorneys
Gass Timothy
Gass Law Office
Re: paid in full by check
Not necessarily. The best answer I can give you is to quote the statute at Idaho Code Section 28-3-206: "A person paying the instrument or taking it for value or collection may disregard the condition, and the rights and liabilities of that person are not affected by whether the condition has been fulfilled." This means that the indorsement probably won't limit your debt.
Answered on 1/06/04, 1:07 pm
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