Properly Payable and Wrongful Dishonor Negotiable Instruments

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This lesson covers two important topic related to checks: properly payable and dishonor. Banks have a responsibility to pay their customers' checks but only when those checks are properly payable, as defined by Article 4. If a check is indeed properly payable and the bank fails to pay it, the bank is liable to its customer for wrongful dishonor. • We explore both topics in detail in this video. I hope you find it helpful. • Chapter • 00:00 - Introduction • 00:31 - (1) Properly Payable • 00:41 - (A) Reminder of how a check works • 06:01 - (B) Drawee bank pays the check (and the consequences!) • 07:48 - (C) What properly payable means • 08:04 - Customer authorized payment • 11:25 - Drawee bank paid the PETE • 15:42 - Check not altered • 19:32 - No stop payment order • 23:27 - No effective post-dating • 27:34 - No notice of customer's death or incompetence • 29:15 - Deposit contract allows • 31:11 - May pay even when NSF • 34:48 - May pay stale checks • 36:47 - Recap of properly payable • 37:39 - (D) Bank May Use Subrogation When No Right of Reimbursement • 39:39 - (2) Wrongful Dishonor • 42:15 - (A) Most common reasons banks wrongfully dishonor checks • 44:57 - (B) Consequential damages • 46:23 - Conclusion/Outro

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