The payee's failure to explicitly reject a check outweighs the payer's restrictive endorsement
Mitek (NASDAQ: MITK) said it has announced the availability of Restrictive Endorsement
, a breakthrough new feature available in Mobile Deposit 4.2.
These include life-insurance-funded IRC Section 162 bonus arrangements (both standard and restrictive endorsement
plans), split-dollar plans, supplemental executive retirement plans (SERPs) and IRC 409-compliant deferred compensation plans.
And, if the employer wishes to restrict the executive's access to the policy and its values for a period of time, an employment agreement and restrictive endorsement
Added to the policy is a restrictive endorsement
that requires the employer's consent for the employee to: (1) surrender the policy; (2) assign or pledge the policy for a loan; (3) change ownership of the policy; or (4) borrow the cash values of the policy.
A more restrictive endorsement
will not grant any exception.
* A restrictive endorsement
, such as "personal" or "confidential."
That the amended program provided for the check to be sent to the school for parents' restrictive endorsement
was, for the majority, merely a "precautionary provision," not a "sham."
* Assign one staff member to open the mail each day, stamp each check with a restrictive endorsement
, and prepare a list of cash receipts.
Whether sent directly to the schools or sent directly to the schools with a mandate of restrictive endorsement
by the parents, is irrelevant ....
* All incoming mail should be opened only by the receptionist, who should immediately stamp all checks with a restrictive endorsement
so they can be deposited only in the HBA's account.
One procedure to reduce the potential trust fund liability is to place a restrictive endorsement
on the back of each check, which may be worded as "Payment for the amount of $ -- to be applied to Trust Fund Only for the time period --."