New Promissory note

[mikecz]

Quick question,

Why is it written on a receipt or at least a carbon on my check "Not Negotiable". Can someone expand on this. What benefit would there be to negotiating a receipt?

Also, assuming the check is negotiable with a blank endorsement, that check can be bought and sold by whoever, basically the bearer at that point can negotiate it. You have given title to your funds, or at least a type of promissory note to pay at some point in the future, to the bank. What we are trying to do is make the bearer limited correct? We want that deposited check or cash or whatever, to not be traded openly, and only have a specific payee. We want it to not be negotiated further. Those funds can only exist in one place, the bank vault, and cannot be traded elsewhere. The remedy clause is well described here, but, in essence, isn't this what the stamp is accomplishing?

[Michael Joseph]

Quick question,

Why is it written on a receipt or at least a carbon on my check "Not Negotiable". Can someone expand on this. What benefit would there be to negotiating a receipt?

Also, assuming the check is negotiable with a blank endorsement, that check can be bought and sold by whoever, basically the bearer at that point can negotiate it. You have given title to your funds, or at least a type of promissory note to pay at some point in the future, to the bank. What we are trying to do is make the bearer limited correct? We want that deposited check or cash or whatever, to not be traded openly, and only have a specific payee. We want it to not be negotiated further. Those funds can only exist in one place, the bank vault, and cannot be traded elsewhere. The remedy clause is well described here, but, in essence, isn't this what the stamp is accomplishing?

A receipt is evidence of Title and therefore it has value...