1325
ElementsFourth Paragraph of 18 U.S.C. § 2314
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The elements of the offense contained in the fourth paragraph of 18
U.S.C. § 2314 are that defendant: (1) with unlawful or fraudulent
intent; (2)
transported or caused to be transported in interstate or foreign commerce;
(3)
a traveler's check bearing a forged countersignature.
This provision is limited to the forged countersignature on
traveler's
checks (i.e., the second signature by the purchaser). It was sought by the
traveler's check industry to overcome the problem concerning forged
endorsements
caused by the decision in Streett v. United States, 331 F.2d 151 (8th
Cir.
1964). In view of recent practices by some traveler's check companies to
issue
their checks in blank and the basic holder-in-due-course doctrine for bearer
securities, it is questionable whether a fourth paragraph violation can
occur if
the purchaser of the traveler's check does not sign the traveler's check
before
such checks are stolen from him.
[cited in USAM 9-61.200] | |