Restrictive Endorsement:A signature on the back of the check

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Can anybody explain me the meaning of Restrictive Endorsements?

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Hi Nicholas,

Restrictive Endorsement is a signature on the back of the check stating the conditions under which the check can be transferred or paid out.

Angel

Samantha · Posted: Mon Mar 13, 2006 12:57 pm Post subject:

Hi Nicholas,

Restrictive Endorsement means a fine print that is added to the back of the check. It states "Cashing of this check constitutes your acceptance of my restricted offer. hence, any future claims for this debt are null".

A notation can be added on the front like "restricted endorsement: cashing constitutes agreement".

You should send an offer first to the collection agency or the creditor and keep a follow up for 20 days before you pay it off. This allows them plenty of time to reply to the offer.

Hope this information will benefit you.

God bless you.

For MortgageFit,
Samantha

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Nicholas,

Before using it, you must check with your local attorney or State Attorney General whether this type of agreement is allowed in your state and county as states laws vary.

Steve

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Thanks for the response. I have got a fair idea now.

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