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Non-Tech : SLJB - Sulja Brothers Building Supply, Inc.
SLJB 0.000001000-90.0%Jun 4 9:43 AM EST
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To: Buckey who wrote (896)11/30/2006 5:25:25 PM
From: scion  Read Replies (1) of 1681
 
Cameila made it quite clear in one of her posts- There is a big distinction between Canadian and US law.

In Canada we have certified cheques and bank drafts. In legal transactions there is an obligation to receive funds into the trust in this form. In this case because the payor and I banked at the same institution, they "cleared" the cheque which in essence means removing the funds from the payor's account and placing it into the payee's account. Had we been at different banks, the cheque would have been certified or made into a draft and then taken to the next bank for deposit. I am advised that had that been the case the bank would have had to absorb the loss. Technically, the bank because it was able to do so made me the loss bearer.
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