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One who writes bad or dishonored checks, especially out of habit or as a criminal profession. Sometimes hyphenated. Apparently there's been a paper hanger passing through the state, depositing bad checks on Fridays and then skipping town before the banks are open on Monday. He was a paper-hanger for a while back in college. Nothing too serious, mostly just did it to pay for groceries or school supplies when he was low on cash.
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McGraw-Hill's Dictionary of American Slang and Colloquial Expressions Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved.