2006-08-05 09:46:01 · 5 answers · asked by Ben There 1 in Business & Finance ➔ Other - Business & Finance
Yes. If the payee cashes a check with a notation or memo of 'Paid in full' then the payee accepts all noted terms at settlement.
2006-08-05 09:55:40 · answer #1 · answered by Al S 1 · 0⤊ 0⤋
The check may be. That does not necessarily mean the underlying obligation has been paid in full.
In common practice, writing this on a check has very little bearing unless the check has been personnally endorsed by the payee.
As a practical matter, if your check pays an obligation in full, the party that you are "obligated to" should issue a receipt or a statement that indicates that the obligation is fulfilled. Without their acknowledgement, what you write on your check is not meaningful ... it only represents the opinion of one of the two sides in the contract.
If you are trying to 'pull a fast one' by putting this on your check, it probably doesn't work. If someone is trying to short-pay you, I would cross the statement off the check before depositing (or request another check).
2006-08-05 09:59:22 · answer #2 · answered by one_observation 3 · 0⤊ 0⤋
Only if the check has been cashed by the receiving party
2006-08-05 09:51:39 · answer #3 · answered by mid_mo_fencing 2 · 0⤊ 0⤋
Only if you paid in full.
2006-08-05 09:53:07 · answer #4 · answered by regerugged 7 · 0⤊ 0⤋
no. that is merely a notation to yourself it is not legally
binding to the other party.
2006-08-05 09:51:35 · answer #5 · answered by agedlioness 5 · 0⤊ 0⤋