314
No. 3 of 1885.
Protection to banker and cheque is crossed.
BILLS OF EXCHANGE.
80. Where the banker on whom a crossed cheque is drawn, where drawn, in good faith and without negligence, pays it, if crossed generally, to a banker, and, if crossed specially, to the banker to whom it is crossed or his agent for collection being a banker, the banker paying the cheque, and, if the cheque has come into the hands of the payee, the drawer, shall respectively be entitled to the same rights and be placed in the same position as if payment of the cheque had been made to the true owner thereof.
Effect of crossing on holder. Protection to banker.
81. Where a person takes a crossed cheque which bears on it the words "not negotiable", he shall not have, and shall not be capable of giving, a better title to the cheque than that which the person from whom he took it had.
82.-(1) Where a banker, in good faith and without negligence, receives payment for a customer of a cheque crossed generally or specially to himself, and the customer has no title or a defective title thereto, the banker shall not incur any liability to the true owner of the cheque by reason only of having received such payment.
Account may be credited, before payment of cheque.
(2) A banker receives payment of a crossed cheque for a customer within the meaning of this section notwithstanding that he credits his customer's account with the amount of the cheque before receiving payment.
82A. Any draft or order drawn upon a banker for a sum of money payable to order on demand which shall, when presented for payment, purport to be indorsed by the person to whom the same shall be drawn payable, shall be a sufficient authority for such banker to pay the amount of such draft or order to the bearer thereof: and it shall not be incumbent on such banker to prove that such indorsement or any subsequent indorsement was made by or under the direction or authority of the person to whom the said draft or order was or is made payable either by the drawer or any indorser thereof.
Definition of promissory note.
PART IV.
PROMISSORY NOTES.
83.-(1). A promissory note is an unconditional promise in writing made by one person to another signed by the maker, engaging to pay, on demand or at a fixed or determinable future time, a sum certain in money to, or to the order of, a specified person or to bearer.
314
No. 3 of 1885.
·Protection to banker and
cheque is crossed.
•
BILLS OF EXCHANGE.
80. Where the banker on whom a crossed cheque is drawer where drawn, in good faith and without negligence, pays it, if crossed generally, to a banker, and, if crossed specially, to the banker to whom it is crossed or his agent for collection being a banker, the banker paying the cheque, and, if the cheque has come into the hands of the payee, the drawer, shall respectively be entitled to the same rights and be placed in the same position as if payment of the cheque had been made to the true owner thereof.
Effect of crossing on holder.
Protection
banker.
81. Where a person takes a crossed cheque which bears on it the words "not negotiable", he shall not have, and shall not be capable of giving, a better title to the cheque than that which the person from whom he took it had.
82.-(1) Where a banker, in good faith and without to collecting negligence, receives payment for a customer of a cheque crossed generally or specially to himself, and the customer has no title or a defective title thereto, the banker shall not incur any liability to the true owner of the cheque by reason only of having received such payment.
Account may be credited,
before
payment of cheque.
Drafts on bankers
payable to order on demand sufficient
(2) A banker receives payment of a crossed cheque for a customer within the meaning of this section notwithstanding that he credits his customer's account with the amount of the cheque before receiving payment.
82A. Any draft or order drawn upon a banker for a sum of money payable to order on demand which shall, when presented for payment, purport to be indorsed by the person to whom the same shall be drawn payable, shall be a sufficient authority for authority to such banker to pay the amount of such draft or payment order to the bearer thereof: and it shall not be incumbent without
on such banker to prove that such indorsement or any proof of indorsement. subsequent indorsement was made by or under the direction or authority of the person to whom the said draft or order was' or is made payable either by the drawer or any indorser thereof.
Definition of promissory
note.
PART IV.
PROMISSORY NOTES.
83.-(1). A promissory note is an unconditional promise in writing made by one person to another signed by the maker, engaging to pay, on demand or at a fixed or determinable future time, a sum certain in money to, or to the order of, a specified person or to bearer.
No comments yet.
Private notes are available after approval.