Asked by Anika Desai on Jun 06, 2024

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A stop-payment order must be made so a bank is given a reasonable opportunity to act on the order.

Stop-Payment Order

A request made to a bank to cancel a cheque that has not been processed yet.

Reasonable Opportunity

An equitable standard ensuring individuals have a fair chance to take action or defend themselves within a certain timeframe or under certain conditions.

  • Comprehend the conditions and time frames applicable to stop-payment orders.
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Verified Answer

AS
Alice SebastianJun 09, 2024
Final Answer :
True
Explanation :
To be effective,a payor bank must receive the stop-payment order in time to give the bank a reasonable opportunity to act on the order.