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Simple English definitions for legal terms

bank-statement rule

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A quick definition of bank-statement rule:

Bank-Statement Rule: If you have a bank account, your bank will send you a statement every month that shows all the money going in and out of your account. It's important to check this statement and make sure everything looks right. If you see something that you didn't do, like someone taking money out of your account without your permission, you need to tell the bank right away. If you don't report it within a reasonable time, the bank might not be able to help you.

A more thorough explanation:

The bank-statement rule is a principle in commercial law that states that if a customer of a bank fails to review their bank statement and any accompanying items, and does not report any unauthorized payments due to forgery or alteration within a reasonable time, they may not be able to complain about it later.

For example, if a customer receives their bank statement and notices that there is a charge for a purchase they did not make, they should report it to the bank as soon as possible. If they wait too long and do not report it within a reasonable time, they may not be able to dispute the charge later.

Another example is if a customer receives a check that has been altered, such as the amount or payee name. If they do not report the alteration to the bank within a reasonable time, they may not be able to dispute it later.

The bank-statement rule is in place to encourage customers to review their bank statements and report any discrepancies in a timely manner to prevent fraud and unauthorized transactions.

bank statement | bann

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HopefullyInLawSchool
16:06
it means you will not be rejected today and may be accepted or WL in the future
Just got my Michigan rejection
BookwormBroker
16:10
same
RoaldDahl
16:10
@HopefullyInLawSchool: what if i already got rejected. does it mean anything
HopefullyInLawSchool
16:12
@RoaldDahl: Likely not however it could mean nothing
RoaldDahl
16:15
So if it means nothing does that mean something?
HopefullyInLawSchool
16:17
Possibly
RoaldDahl
16:26
Cool
RoaldDahl
16:26
thank you!!!! i hope it means something
pinkandblue
16:31
fart
IrishDinosaur
16:36
Mich R gang lesgooo
Did anyone else get that random get to know nova email?
HopefullyInLawSchool
17:21
Ya it was sent to all YM applicants
starfishies
17:37
Anyone get the NDLS email inviting you to apply for something even though they haven’t made a decision on your app yet
17:38
Better yet I got the email and I was rejected last month
starfishies
17:38
Wtf
starfishies
17:39
and the deadline is in like a week what is this
any cardozo movement?
BatmanBeyond
18:01
Sent a LOCI via portal, but I'm wondering if email would have gotten me a swifter response
BatmanBeyond
18:02
This whole hold/wait-list/reserve system is a headache
loci already?
BatmanBeyond
18:09
If the odds are like 1-2% I don't think it matters much by the numbers
12:11
I got the same NDLS email
OrangeThing
12:18
I think the user profiles are broken
19:29
Any word out of Notre Dame?
19:29
Only the invitation to apply for LSE
19:29
Anyone received a decision from NDLS?
19:50
when did u guys apply that just heard from umich? they havent even glanced at my app yet
0:30
how am i supposed to spy on people when profile links are broken?
Right. Broken links smh
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