Uniform Commercial Code Application

917 Words Jan 30th, 2018 4 Pages
In this case, the issue is discussed that whether the third party, a check cashing store qualifies as a holder of check in due course and can collect the amount of check or not.
Like bills of exchange, the checks is endorsed by the third party who takes a certain amount while as fee and pays the cash and get the check cleared from the bank at its own. This is happened in this case and briefly discussed and argued before the court where the court gave its particular judgment and declared one check as legitimate while the other was not.(Marson, 2011)
A sale of investment of $ 75,000 was made by Rivera “financial advisor” to Talcott & his companion Guarino to an old person of Massachusetts resident a ninety three years old Talcott. No return was produced by the investment and Rivera, in a telephone call on January 10 2000, demanded Talcott to send a check for $ 10,000 against travel expenses to obtain a return on the investment and the check will have to be made out in the name of Guarino. Guarino has a privilege of check encashment with Any Kind Checks Cashed, Inc. and became its customer through his social security number and driver’s license identification.
He showed himself as a broker. After some days on January 15, 2000, Rivera asked Talcott that the check’s amount $ 10,000 was excessive…
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