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In terms of penalty, estafa under Article 315 is punishable by penalties of imprisonment ranging from 2 months to 8 years depending on the amount of the fraud. 22 which punishes the acts of: (1) issuing a check to apply an account or for value, knowing at the time of issue that he does not have sufficient funds in the bank, which check is subsequently dishonored by the bank or (2) having sufficient funds in the bank when he issues the check, by failing to keep sufficient funds to cover the check for which reason it is dishonored by the bank. Moreover, when postdated checks are issued and intended only as promissory notes, there is no estafa.
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The reason for this rule is that deceit to constitute estafa should be the efficient cause of the defraudation. When a check was issued in payment of a debt contracted prior to such issuance, there is no estafa. The phrase “in payment of an obligation” “means that the check should not be issued in payment of a pre-existing obligation. The failure to deposit the amount to cover the check within three days from receipt of notice of dishonor shall be prima facie evidence of deceit.
BOUNCED CHECK INTUIT POS CODE
The first is under Article 315 of the Revised Penal Code which punishes for estafa a person who issues a check in payment of an obligation when he had no funds in the bank sufficient to cover the amount of the check. In the Philippines, there are two laws which criminalize and punish the issuance of bouncing checks. This term originated from the fact that a check is “bounced” back from the bank. Jun De Zuñigaīouncing checks are checks which are returned by the bank because their issuers do not have sufficient funds on deposit.