From: Ronald Raygun 
Subject: Re: Paying in cheque made out to someone else!
Newsgroups: uk.finance
Date: Thu, 25 Aug 2005 16:55:12 GMT

Tim wrote:

>> > "Ronald Raygun" wrote
>> >> But you could indemnify the bank against such a claim, which
>> >> would be the obvious thing to do in the typical scenario where you
>> >> are laun^H^H^H^H processing a cheque for a friend or relative.
>> >
>> "Tim" wrote:
>> > But if you *are* a money laun^H^H^H^H processor,
>> > do you think the bank would accept your indemnity?
>>
> "Ronald Raygun" wrote
>> Why not?  All it means is that if JB gives me a cheque payable
>> to you, and I ask my bank to put it into my account, and the
>> bank says "but what if Tim sues us for conversion", I just tell
>> them not to worry, and if he does then I'll give him the money.
> 
> But isn't it a bit late, if you've cleaned-out the a/c and left the
> country? The bank might not believe that you'd still be there, or at least
> "there with the money left", when I got around to sueing them for
> conversion...

Yes, it would be, but my bank knows me and trusts me.  Actually, if it
really were worried, it wouldn't let me clean out the account until it
was satisfied you'd had your dosh.