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Dishonored Check
A check that a bank has refused to cash or pay because there are insufficient funds in the account on which it was drawn, or because it is considered a fraudulent check.
Contractual Obligation
is a legal duty that arises out of a contract, requiring a party to fulfill the terms of the agreement.
Drawer
Drawer is the party in a bill of exchange, such as a check, who is making the payment, directing the drawee (usually a bank) to pay a specified sum to the payee.
Indorser
A person who signs a negotiable instrument, such as a check or promissory note, on the back, indicating their consent to transfer the document’s ownership or to guarantee its payment.
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