Update on Zeek Rewards/Rex Venture Group

Victims of Zeek Rewards or Rex Ventures may look to the following web site for information: http://www.zeekrewardsreceivership.com/FAQ.html

The court-appointed Receiver who is handling claims has notified financial institutions that Cashier’s Checks issued to Zeek Rewards or Rex Ventures Group will be enforced. Stop orders must be removed so that the checks will be processed without further delay.

The posting provides the following legal background:
“The Uniform Commercial Code provides that a customer purchasing a cashier’s or teller’s check has no right to stop payment (see Section 4-403, cmt. 4). If a bank refuses to pay a cashier’s check or teller’s check presented by the Receiver, it may be required to pay for the Receiver’s expenses and loss of interest resulting from the nonpayment, as well as consequential damages (see Section 3-411).”

“All cashier’s checks and teller’s checks issued to ZeekRewards constitute assets of the Receivership Estate. Claims for monies invested in ZeekRewards through cashier’s checks will be administered together with other claims on the Receivership Estate.”

“The court’s orders and the Uniform Commercial Code establish that cashier’s checks in the Receiver’s possession are Receivership Assets. The Receiver is required to present these cashier’s checks for payment and has no discretion not to.”