Redemption by Payment definition
Redemption by Payment means, in relation to a promissory note rejected for payment by a financial institution for reasons such as insufficient funds, incorrect affixing of signature/chop, appointing a financial institution as paying agent of a promissory note without such institution’s prior consent or counter-banding (withdrawal of a payment request) before the expiry of the relevant presentation period of a promissory note and the accompanying “Reason(s) for Rejection”, the redemption of such promissory note by the Customer by way of a payment in the amount of such promissory note to discharge the debt owed thereon.
Redemption by Payment means a checking deposit account depositor redeems the dishonored negotiable instrument (which may be dishonored due to insufficient funds, drawer's signature or chop not conforming with authorized signature and chop, appointment of a financial institution as paying agent without obtaining the financial institution's consent, or a stop payment order given before a promissory note becomes stale, etc.) and the protest of non-payment by paying the amount of the negotiable instrument or by other means discharging the depositor from its liabilities on the negotiable instrument.
Redemption by Payment means, in relation to an instrument rejected for reasons such as insufficient funds, incorrect affixing of signature/chop, appointing a financial institution as paying agent of a promissory note without such institution's prior consent or withdrawal of the payment instruction before the expiry of the relevant presentation period of a promissory note, the redemption of such instrument and the accompanying reason for rejection by the depositor of the check deposit account by way of a payment in the amount of such instrument to discharge the debt of the instrument owed thereon.
3. 提存備付」：指存款不足退票後，支票存款戶將票款存入辦理退票之金融業者，申請 列收「其他應付款」帳備付之謂。