Memorandum Check Law and Legal Definition
Memorandum check refers to a check given as an acknowledgment of indebtedness, but with the understanding that it will not be presented at bank for payment unless the maker fails to take it up on the day the debt becomes due.
The effect of the memorandum check was that the maker was absolutely liable regardless of whether the checks were presented to his/her own bank for payment or whether previous demand was made upon him/her. The word memorandum was placed on the checks by the maker as an admission or declaration on the part of the maker that he would pay the checks absolutely and unconditionally.[ Franklin Bank v. Freeman, 33 Mass. 535 (Mass. 1835)]
