hopen4800 Posted February 10, 2007 Report Share Posted February 10, 2007 How effective are restrictive endorsement letters as a pfd tool? I understand there might be some legal jeopardy one can get into. I've read alot of conflicting information.Please enlighten. I am in Calif. Thanks Link to comment Share on other sites More sharing options...
GucciMark Posted February 10, 2007 Report Share Posted February 10, 2007 Here is how to work an RE in CaliforniaGotta love the blue states http://caselaw.lp.findlaw.com/cacodes/civ/1521-1526.htmlIt appears that all you have to do is send them notice of the REcheck coming. at least 15 days notice, so they can dispute it... ...now if they dispute your RE, that's a whole other thread ... Send the notice Certified Return Receipt in case you have to take them to court.Side note:Even if your creditor is located outside California, they must abide by the laws of your state (as long as you purchased said service or product in California while you were a resident of course)Read this part carefully in the statute .....1526. (2) Has been given, not less than 15 days nor more than 90 daysprior to receipt of the check or draft, notice, in writing, that acheck or draft will be tendered with a restrictive endorsement andthat acceptance and cashing of the check or draft will constitute anaccord and satisfaction. Link to comment Share on other sites More sharing options...
hopen4800 Posted February 10, 2007 Author Report Share Posted February 10, 2007 Thanks,great link.too. I suppose It's safe to assume that with the RE in place and creditor with $ in hand they most likely WILL NOT update the tl appropriately. Would CRA dispute be next move? Or do the OC's actually follow through.I think I know that answer. Link to comment Share on other sites More sharing options...
GucciMark Posted February 11, 2007 Report Share Posted February 11, 2007 Never assume, put it in the REand if they don't follow thru, then sue Link to comment Share on other sites More sharing options...
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