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Banks can stop payment of cashier’s checks, court says

First Banks Inc. on Tuesday won an appeal, affirming it and other banks have a limited right to stop payment of cashier's checks under the current version of Missouri's Uniform Commercial Code, a state appellate court said. The decision by the Missouri Court of Appeals in St. Louis says state law regarding payment of cashier's checks is where it was before the UCC was revised in 1992, said Michael W. Bartolacci, a Thompson Coburn partner who represented First Banks in the lawsuit filed by Transcontinental Holding Ltd.