Thus, only when the maturity date of the transaction has arrived will the payee or depositing bank be able to obtain the decryption key that will decrypt the encrypted information necessary to complete the transaction.
Since the encrypted information can not be decrypted until the date associated with the encryption key, the financial transaction can not be completed until such date.
For instance, if you write a check in December and it’s not cashed until January, and you need proof that you wrote the check during the previous year, the check record would show might incur fees or even end up with a collection account on your credit report.
You can postdate a check if you need a little more time to receive the money necessary to cover it.
(Commercial Code § 4404) There is no law that prohibits a check writer from postdating a check (giving it a date in the future).
However, a bank has no duty to respect that limit, and may pay the check in advance of its stated date, unless the customer gives notice to the bank of the postdating, describing the check with reasonable certainty.
Should the question arise the check is "postdated", there should be no problem if the debtor wrote the words "postdated" above the date of any of the checks submitted, however, without this kind of documentary evidence, it may be difficult for the debtor to prove the checks were "postdated".
A portion of the information necessary to complete a financial transaction is encrypted utilizing an identity-based encryption (IBE) scheme. Methods and systems that prevent completion of postdated financial transactions until the specified future date is provided.
(Commercial Code § 4401) It is a violation of the Fair Debt Collection Practices Law for a debt collection agency or a creditor who regularly collects its debts to deposit a postdated check before its due date.
(f(4)) "The presentation of a postdated check is not subject to the civil or penal sanctions" that would normally apply to someone who wrote a check with insufficient funds because the postdated check promises "to discharge a present obligation at a future date" and that money would be available to meet the debt when the check is cashed.
It seems logical: You owe someone or a business money, but you don’t have the necessary funds in your bank account just yet.
It’s OK — you know you’ll have the money later, so you write the check to meet your financial obligation.