Certified

check. A check having written acro its face the signature of (usually) the cashier or paying teller of the bank on which it is drawn certifying to the signature of the drawer. and to the fact that the latter has sufficient funds on deposit with which to pay it. Funds are held in reserve from the drawer’s account by the bank to meet the check. When the holder of a check takes it to the bank upon which it is drawn and has it certified the drawer of the check and the indorsers, if there are any, are released and thereafter the holder must look to the bank alone. The bank is absolutely liable upon the check unle it was “raised” either before or after certification. The bank by certifying the check guarantees the genuinene of the signature of the drawer and certifies that it has in its po e ion funds belonging to the drawer sufficient to meet the check and it thereby engages that those funds shall not be withdrawn by the maker of the check to the prejudice or lo of any bona fide holder of the check. J But the certification of the check does not imply any further or greater responsibility or imply that the body of the check / is genuine. When, therefore, a check is raised before certification the certifying bank cannot be called upon to pay the amount of the raised check; or if a bank certifies a raised check by mistake and pays the same without culpable negligence it can recover the amount as money paid by mistake and the same rule applies if the check is raised after certifi-: cation. In some cities checks are not certified by banks, but instead due bills, so-called, are employed. When guaranty of the payment of a check by a bank is desired the check is delivered to the bank which retains the check and i ues in place of it a due bill payable by the bank itself. This due bill may be deposited in another bank the same as a check.; Also see Over certification. _ Certified transfer. English term; when a stockholder has sold only a portion of the stock represented by a certificate held by him the certificate and a transfer deed (a ignment) are lodged with the company which i ues a fresh certificate to him for the amount unsold and indorses the transfer to the effect that it is good for the remaining amount of stock; then the transfer is said to be certified or marked and the act of certifying or marking is called certification. 103