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IV.

COLLECTION OF CHECKS
On due date, a holder may either
a) Proceed directly to the drawee bank
b) Present for payment
Or
a) Deposit it in his account with his bank known as depositary or collecting bank
b) Bank will make a provisional credit to his account
c) Check goes for clearing
d) If check is cleared and collected from the drawee bank, final redit is made in the payee-
depositors account.
Clearinghouse an association of banks or other payors for the purpose of settling accounts with each
other on a daily basis.
The BSP is mandated by New Central bank act to establish facilities for interbank clearing of
checks.
The collecting bank acts as an agent of the depositor.
WARRANTIES
Under the rules of the Phil. Clearing House Corporation, a collecting bank is required to place a
stamp on the check that is sought to be cleared.
The stamp guaranties prior indorsements.
In the absence of stamp, the collecting bank is also deemed to made such warranty in sending
the check for clearing.

A. Warranties of Collecting bank
(a) That the instrument is genuine and in all respects what it purports to be;
(b) That he has a good title to it;
(c) That all prior parties had capacity to contract;
(d) That he has no knowledge of any fact which would impair the validity of the instrument or
render it valueless.

B. Warranties of Payee-Depositor
(a) That the instrument is genuine and in all respects what it purports to be;
(b) That he has a good title to it;
(c) That all prior parties had capacity to contract;
(d) That he has no knowledge of any fact which would impair the validity of the instrument or
render it valueless.

The depositor (payee) is liable to the drawee in case of altered checks because the depositor
warrants that the instrument is genuine and in all respects what it purports to be. (Jai Alai corp. of
the Phils v BPI)
DUTY OF CARE
Highest degree of care

RETURN OF ITEMS
24-hour rule if the drawee bank fails to return a check to the collecting bank within the 24-hour
clearing period, the collecting bank is absolved from liability. Checks which contains
a. Forged or unauthorized signature of drawer(s)
b. It is drawn against a closed account.
c. It is drawn against insufficient funds.
d. Payment has been stopped.
e. It is postdated or stale-dated.
f. It is a cashiers/ managers/ treasurers check of the drawee which has been materially
altered.
Does not apply to checks bearing forged indorsements and materially altered checks.
For checks bearing forged indorsements and materially altered checks shall be returned within
10years pursuant to Art.1144 of the Civil Code.

UNCOLLECTED DEPOSITS
Regulations promulgated by the BSP disallow drawee banks from honoring checks on
uncollected deposits.