MEMORANDUM CHECK

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MEMORANDUM CHECK


MEMORANDUM CHECK. It is not unusual among merchants, when one makes a temporary loan from another, to give the lender a check on a bank, with the express or implied agreement that it shall be redeemed by the maker himself, and that it shall not be presented at the bank for payment. If passed to a third person, it will be valid in his hands, like any other check. 11 Paige, R. 612.

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