UCC Magic – Checks and Deposits


Presented by:Mary Beth Guard and John Burnett

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Do you know -- When a customer could be deemed to have ratified a signature that isn't on the signature card? How to handle restrictive endorsements? How to protect your bank when a customer wants to deposit either a postdated or stale-dated check? The timeframe within which claims can be made for forged signature, forged endorsement, alteration, and other frauds? Who can close an account? What to do when you've paid over a stop order? How to respond if a cashier's check has been lost, stolen, or destroyed?

In their information-packed two-hour webinar, Mary Beth Guard and John Burnett will answer all those questions and many more. They'll lead you through the interconnected mass of provisions within UCC Articles 3 and 4 so that you can understand the legal basis of your account relationship with depositors and how the law determines rights and responsibilities of each of the parties in the check payment process.

Attendees will receive information on these and other UCC topics -
  • Why "uniform" can be misleading
  • Which deposit accounts are affected
  • Which transactions are subject to the UCC rules and which are not
  • The extent to which you can vary the effect of the UCC by agreement
  • The duty of good faith
  • The required elements of a check
  • The signature and other authorization methods
  • Holders and holders-in-due-course - what are they, and why do you care
  • Problems with dates and how to deal with them
    • Post-dated checks
    • "Stale" checks
  • Identifying the payee of a check
  • Endorsements
    • Endorsement types
    • What is required for an effective endorsement
    • Missing endorsements
    • Endorser liability
  • Notice of breach of fiduciary duty - what it is and why it matters
  • Contradictory terms in a check
  • The midnight deadline for returns
  • Responsibility for late returns
  • Notice of dishonor
  • Right to charge back deposited items
  • Customer stop payment orders
    • Drawer liability
    • Timeliness of order
    • Liability of bank if check is paid
    • Effective period for stop payment
  • Transfer and presentment warranties
  • Encoding warranties
  • Clearing house fraudulent check warranties - a variation by agreement
  • Statute of limitations for claims
  • Account statements and depositor responsibilities
  • Claims for unauthorized items
  • Wrongful dishonor
  • Item posting order
  • The importance of your deposit account agreement

The Uniform Commercial Code is complex, but it can affect your bank's daily check processing operation. Join Mary Beth and John as they walk you through the key UCC provisions that can assist you in making the right decisions for your bank.

The Speakers: Mary Beth Guard currently serves as Executive Editor of BankersOnline.com and CEO of Glia Group, Inc., Mary Beth has had a long and distinguished career, graduating from law school in 1980, then going on to serve as general counsel for the Oklahoma State Banking Department, general counsel for the Oklahoma Bankers Association, and EVP of Specialized services for Thomson Financial Publishing prior to co-founding Glia Group, Inc. and BankersOnline.com. Mary Beth also serves as Executive Editor for BankingQuestions.com and as a partner in BankGuard Resources.

Mary Beth is on the advisory board for Bankers' Hotline. She has presented training programs for virtually every major national financial industry association, as well as more than a dozen state bankers associations and a host of other organizations. In addition, Mary Beth has written more than a thousand banking-related articles and is a BOL Guru.

John Burnett is a 1979 alumnus of the ABA National Compliance School, and served on its faculty for several years. He graduated with honors with the Class of 1990 from the Stonier Graduate School of Banking. He is also a graduate of the BAI and the Massachusetts Banker Association Schools of Banking.

John brought over 35 years of banking experience (over 25 of them in Compliance and Operations) to Glia Group, Inc. and BankersOnline, when he joined them as a "BOL Guru" and Associate Editor in June, 2004.

He is a former member and chair of the Massachusetts Bankers Association's Legal and Regulatory Compliance Committee. He is an advisory board member for Bankers Hotline, and has participated in several ABA and Massachusetts Bankers seminar panels.

This program was recorded in its entirety in February 2011. The CD-ROM includes program slides, materials (if available) and follow-up Q & A document.

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  • Model: cd_ucc0211
  • Manufactured by: Glia Group, Inc.

This product was added to our catalog on Wednesday 27 October, 2010.

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