This section of the book is from the "Canadian Banking Practice" book, by John T. P. Knight.
Question 68.— A bill is presented by a collecting bank on the morning of the day it falls due, and is duly " marked good " by the bank at which it is accepted payable. Later in the day the collecting bank receives a telegram from their correspondent to return the bill. What is the proper course for the collecting bank to pursue in view of the fact that the bill has already been marked good?
Answer.—The bank's duty in such a case clearly is to advise its correspondent of the acceptance of the bill by the bank at which it is payable, and to ask further instruction. It should not permit the cancellation of the "marking" in any event.
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