Question

is the obligation to account for your acties​

Answer 1

Answer:

is a statutory obligation of the bank, having sufficient funds of the customer to pay cheques duly drawn and presented. A bank will be forced to compensate the customer for any loss or damage caused by its default. The bank’s liability for wrongful dishonor of cheque is of serious nature. The bank will be forced to pay exemplary damage to the customer. However, bank may refuse payment of a cheque for reasons such as

Insufficient funds in the account

Cheque is not properly drawn

Cheque is stale (presented after stipulated date)

Cheque is crossed but presented for cash

Cheque is received after receipt of notice of death, insolvency or lunacy of the drawer of the cheque.

So also, when instructions are received from the drawer to stop the payment of cheque or when attachment / garnishee order is received from a competent authority, payment can be refused. If the drawer’s signature differs, bank can refuse payment and also when the amount of the cheque differs in words and figures

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