I recieved a cheque from the insurance company, with my name on it first, then my commonlaw and then the car loan company last. Can I safely cash or deposit it? It was for an accident.
When an insurance payment is issued with multiple payees listed, and one of those is a lender, the insurance company is attempting to ensure that the lender's interest in the vehicle is protected. The payees' names would be connected with "and" to make clear that intent, and (in the U.S.) our Uniform Commercial Code provisions that govern negotiable instruments make that intent enforceable. Whether that is the case where you live will, of course, depend upon the laws of your jurisdiction.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
When an insurance payment is issued with multiple 