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Can you summarize NYCL BNK 9?
Short Title; Definitions; Miscellaneous Provisions > Checks drawn against corporate funds or payable to corporations; no notice of defense against or claim to check
Short Summary
This legal document pertains to the drawing and endorsement of checks by officers or agents of corporations. It states that when a check is drawn by an officer or agent of a corporation against the account of, or in the name of the corporation, and is cashed or deposited to the personal account of the officer or agent, it does not constitute notice to a private banker, banking organization, or branch of a foreign banking corporation of any defense against or claim to the check by any person. However, for this exemption to apply, the private banker, banking organization, or branch must have on file an authorization from the corporation showing that the officer or agent is authorized to perform such acts on behalf of the corporation. Additionally, the amount of the check should not exceed the maximum limits specified in the authorization. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Private bankers, banking organizations, and branches of foreign banking corporations
What does it govern?
Drawing and endorsement of checks by officers or agents of corporations
What are exemptions?
The document does not mention any exemptions
What are the Penalties?
The document does not specify any penalties
Jurisdiction
New York