QUESTION
What would happen if a cashiers check went default?
Asked on May 08th, 2013 on Bankruptcy - Michigan
More details to this question:
I'm selling a RV to someone out of state. They've given me a cashiers check for the correct amount but on the back of the check the seller must make sure the title to the RV gets to their bank that they got the loan with within 10 days. Now the title has to be signed by the buyer and seller before it gets turned over to the bank. Since they live out of state, I wanted to let them take the title to their bank for us. What would happen if they didn't turn the title over to the bank and they let the loan go default? Could they get out of paying us? Since they have a signed title in hand and the product as well?
3 ANSWERS
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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I have never heard of this "They've given me a cashiers check for the correct amount but on the back of the check the seller must make sure the title to the RV gets to their bank that they got the loan with within 10 days"Cashiers checks by their very nature should not have stipulations on payments like that so its not a cashier check... Call the bank BEFORE you sign the title and ensure it is a validly issued bank check.. something does NOT sound right about this transaction it may be a scam.
Answered on May 10th, 2013 at 4:12 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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You are a bit late in your concern, and better hope the purchasers are honest. Otherwise you will have some legal action in another state.
Answered on May 09th, 2013 at 11:02 AM
Debt Collection Attorney serving Chicago, IL
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Edelman, Combs, Latturner & Goodwin, LLC
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I would not let them have custody of the title
Answered on May 09th, 2013 at 11:02 AM