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What are the consequences of not observing the time-limit?

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10 Posted

What are the consequences of not observing the time-limit?

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10

If the holder of the check fails to claim payment within the said time-limit, he forfeits his right of recourse against the endorser. In the event that the amount of the check is lost for reasons in connection with the drawee, the holder forfeits his legal right of recourse against the drawee as well.

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