This case has been cited 1 times or more.
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2012-06-13 |
SERENO, J. |
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| There are checks of a special type called manager's or cashier's checks. These are bills of exchange drawn by the bank's manager or cashier, in the name of the bank, against the bank itself.[28] Typically, a manager's or a cashier's check is procured from the bank by allocating a particular amount of funds to be debited from the depositor's account or by directly paying or depositing to the bank the value of the check to be drawn. Since the bank issues the check in its name, with itself as the drawee, the check is deemed accepted in advance.[29] Ordinarily, the check becomes the primary obligation of the issuing bank and constitutes its written promise to pay upon demand.[30] | |||||