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Create checks.md

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Rephrase "XRP Ledger Checks have expiration times..." as "Expiration" is an optional field in CheckCreate
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Ramkumar SG
2021-06-07 17:47:50 -07:00
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content/concepts/payment-types/checks.md
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@@ -13,7 +13,7 @@ _(Added by the [Checks amendment][].)_
The Checks feature in the XRP Ledger allows users to create deferred payments that can be canceled or cashed by the intended recipients. Like personal paper checks, XRP Ledger Checks start with the sender of the funds creating a Check that specifies an amount and a recipient. The recipient cashes the check to pull the funds from the sender's account into the recipient's account. No money moves until the recipient cashes the Check. Because funds are not put on hold when the Check is created, cashing a Check can fail if the sender doesn't have enough funds when the recipient tries to cash it, like traditional checks. If there's a failure cashing the check, the check's recipient can retry until the Check expires.
XRP Ledger Checks have expiration times after which they may no longer be cashed. If the recipient doesn't successfully cash the Check before it expires, the Check object remains in the XRP Ledger until someone cancels it. Anyone may cancel the Check after it expires. Only the sender and recipient can cancel the Check before it expires or is cashed. The Check object is removed from the Ledger when the sender successfully cashes the check or someone cancels it.
XRP Ledger Checks may have expiration times after which they may no longer be cashed. If the recipient doesn't successfully cash the Check before it expires, the Check object remains in the XRP Ledger until someone cancels it. Anyone may cancel the Check after it expires. Only the sender and recipient can cancel the Check before it expires or is cashed. The Check object is removed from the Ledger when the sender successfully cashes the check or someone cancels it.
Checks have some similarities to [Escrow](escrow.html) and [Payment Channels](use-payment-channels.html), but there are some important differences between those features and Checks: