Banking Practice Questions and Answers. A Persian philosopher, being
ashed by what means he had acquired so much knowledge, answered,
"By not being prevented by shame from asking questions where I
was ignorant."
| Title | Canadian Banking Practice |
| Author | John T. P. Knight |
| Publisher | The Carswell Company, Limited |
| Year | 1904 |
| Copyright | 1904 |
01 About- JOHN T. P. KNIGHT PRINTED BY THE CARSWELL COMPANY, Limited TORONTO 1904. CANADIAN BANKING PRACTICE Entered ...
- 02 Introduction.
- A Persian philosopher, being ashed by what means he had acquired so much knowledge, answered, By not being prevented by shame from asking questions where I was ignorant. In ...
- 03 Acceptances Payable at a Bank.
- Question 1. Can a bank legally charge at maturity to the account of a depositer having funds, an acceptance, drawn on him and accepted and made payable at the bank, without a cheque or ...
- 04 Acceptances Domiciled at a Bank—Rights and Duty of the Bank.
- Question 2. Is a bank compelled to pay its customer's acceptances domiciled with it if there are funds, or is it merely authorized? Answer.Unless it has assumed some duty ...
- 05 Acceptances Domiciled at the Acceptor's Bankers— Rights and
- Duty of the Banker. Question 3. A. deposits with a bank a sum of money in open account, upon which he from time to time issues cheques. At length, however, he accepts a draft, ...
- 06 Acceptances Payable at a Bank.
- Question 4. Has a bank a right, without special instructions, to charge to the customer's account at maturity, a note or acceptance which he has made payable at the bank? Is such a note ...
- 07 Drawee of a Bill not Entitled to Delay his Acceptance.
- Question 5. It has been alleged that sec. 42 of the Bills of Exchange Act gives the drawee the right to take two days to accept a bill, and to date the acceptance two days after ...
- 08 Right of Drawee of a Draft to Date his Acceptance Two Days
- Ahead. Question 6. Has the drawee of a sight draft a legal right in accepting a draft to date acceptance at termination of the 48 hours (two days) allowed for acceptance? Could an ...
- 09 Acceptances—Grace Must be Given when not Otherwise
- Provided. Question 7. A draft is accepted thus: Accepted payable at ... to mature 4th October, 1902. Does this acceptance mature on 4th or 7th October? ...
- 10 Presentment for Payment—Reasonable Time.
- Question 9. An acceptance held by Bank A is payable at Bank B. Being unpaid at close of business on the date of maturity Bank A hands the bill to a notary for protest. The notary delays ...
- 11 Domiciliation of Bills by the Acceptors.
- Question 10. May not the drawee of a draft accept it payable where he pleases? If such acceptance is not satisfactory to drawer or endorsers, can they object? Answer....
- 12 Cancellation of Acceptance.
- Question 11. We receive a time draft for collection, the draft is accepted in the morning and in the afternoon the drawee comes to the bank, and asks to be permitted to erase his ...
- 13 What Constitutes Valid Acceptance.
- Question 12. We to-day had a bill payable at a chartered bank, and in accepting the same they simply put the stamp thereon without any initials or folio. Would this be considered a valid ...
- 14 Accommodation Endorsements.
- Question 13. A. draws a bill to the order of a bank, and C. endorses it in order that A. may be able to negotiate it with the banks. The bank discounts the bill, which is dishonoured at ...
- 15 Security Given by the Maker of a Note to an Accommodation Endorser
- and Assigned by the Latter to the Holder of the Note. Question 14. A bank has discounted for A. a note endorsed by B. A. assigns to B. a mortgage to secure him for his endorsement, ...
- 16 Alteration of a Cheque after Certification by the Bank.
- Question 16. A. draws a cheque payable to B. for $1,000; gets it certified by his bank, and sends it by post to B. B. finds he does not need it and returns it to A., but omits to endorse ...
- 17 Cheque with the Amount Expressed in Figures Only.
- Question 17. The amount of a cheque is expressed in figures only, both in the body of the cheque and in the margin. Has the bank a right to refuse payment of a cheque so drawn, for which ...
- 18 Antedated Acceptance.
- Question 18. Has the drawee of a bill, payable at or after sight, the right to antedate his acceptance, and if he does so, can the holder treat the bill as dishonoured and protest it? ...
- 19 Assignments of Book Debts.
- Question 19. Would an assignment of book accounts which may be created during the year, be an effectual security, or is it necessary that the accounts should first be actually in ...
- 20 Cheque ok Acceptance Signed for a Firm by an Attorney Presented
- after the Attorney's Death. Question 20. Would a bank be justified in refusing payment of a cheque signed by, or a hill accepted by, a person holding a power of attorney for a ...
- 21 Correct Form of Signature by an Attorney.
- Question 21. Which is correct of the following forms of signature by an attorney: A.B. A.B.&...
- 22 Warehouse Receipts, Etc., Signed by Attorney.
- Question 22. (1) Do banks take warehouse receipts or assignments under section 74 of the Bank Act, signed by attorney ? (2) If the goods were made away with, could the principal ...
- 23 Bank " Agents " and " Managers."
- Question 23. What is the difference between agent and manager as applied to managers of branches? Answer.The term agent is used by ...
- 24 Bank Draft—Right of Issuing Bank to Stop Payment at the
- Request of the purchaser. Question 24. (a) A bank in Canada issues a demand draft on their agents in England, sending advice in due course. The purchaser forwards the draft to ...
- 25 Bank Draft—Right of Issuing Bank to Stop Payment.
- Question 25. A. purchases a draft on Toronto from a bank, and endorses it over unconditionally to B., and mails it to him. Some days later A. asks the bank to stop payment of this draft ...
- 26 Legal Bank Holidays.
- Question 26. What holidays may a bank observe? In the case of a civic holiday, where all the banks in the place, finding by 12 o'clock that the bills they hold have all been arranged for, ...
- 27 Bank Money Orders.
- Question 27. A branch of a bank which has agreed to cash orders at par, cashed a bank money order and sent it to their agents at Montreal. These agents had not entered into the agreement ...
- 28 Bask Money Orders.
- Question 28. A branch office in Ontario issued a money order in favour of a Montreal firm. The firm's bankers added and collected five cents. This bank is not reported as belonging to ...
- 29 Circulation Redemption Fund—Notes Issued in Excess of
- Paid-up Capital. Question 29. Does the Circulation Redemption Fund guarantee the notes of a bank where they are (1) issued in excess of the paid-up capital, or (2) signed or ...
- 30 Bank Notes—Their Redemption by Bank when Mutilated.
- Question 30. What is the smallest portion of a Canadian bill that must remain to entitle the holder to its redemption at face value? Answer.Theoretically, if a person, ...
- 31 Banking Hours.
- Question 31. Is it optional with a bank to close at one o'clock on any other day than Saturday, in lieu of the latter day? Do not the provisions of the Bills of Exchange Act respecting ...
- 32 Redemption of Circulation.
- Question 32. A customer of a chartered bank in Coboconk has a cheque for $50,000 on another chartered bank in Lindsay. He wishes to take up a note in the Coboconk bank. Upon tendering the ...
- 33 Notes of a Bank Circulated in a District where it is not
- Represented. Question 33. The Bank of X has a small capital and its circulation limit is frequently reached. The notes of another bank not represented in the district are paid ...
- 34 Bank Notes and Legal Tenders.
- Question 35. Is a private individual forced to receive payment of a debt in bank notes, or may he demand legal tenders to any amount? Answer.No person can be forced to ...
- 35 Old Issues of Canadian Bank Notes.
- Question 36. Why is it that the old issues of the Bank of Nova Scotia and Merchants Bank of Halifax notes are not worth their face to-day? Answer.We presume that the ...
- 36 Canadian Bank Notes.
- Question 37. Is the custom of agencies of Canadian banks in the United States of discounting the notes of their own banks, in contravention of section 56 of the Bank Act? Answer....
- 37 Redemption or Partially Destroyed Notes.
- Question 38. By what authority in law do some banks and the Receiver-General's assistants pay torn or mutilated notes sent them for redemption, at less than the full amount ? ...
- 38 Canadian Bank Notes and Dominion Notes—How Payable.
- Question 39. Can anyone presenting Canadian bank notes at place of issue demand gold for same up to any amount, and similarly with legal tender notes at the place of issue ? ...
- 39 The Redemption of Canadian Bank Notes.
- Question 40. Canadian bank notes are only payable in gold or legal tender at the place of issue (usually the head office of the bank), whereas, by section 55 of the Bank Act, is it not ...
- 40 Government Bank Statement—Directors' Liability.
- Question 41. Can you inform me why the wording in the bank returns to the government in regard to directors' liabilities was changed from Aggregate amount of loans to and ...
- 41 New Stock Issued by a Bank—Allotment to Executors Who are
- Not Authorized to Invest More Money in Bank Stocks. Question 42. The trustees of an estate are entitled to an allotment of new stock about to be issued by a bank, at a price which ...
- 42 Banking Etiquette.
- Question 43. Bank A. sends in an item to Bank B. due to-day for acceptance, Bank B. accepts it, and Bank A. immediately sends it in on ...
- 43 Bill Accepted by an Attorney—Right of Paying Bank to Require
- Lodgment of Power of Attorney. Question 45. In reply to your question, No. 426 (Journal No.) you say, On the whole the practice of attaching a power to the draft seems the ...
- 44 Bill Accepted by the Collecting Bank on a Power of Attorney.
- Authority to Give Power of Attorney. Question 46. We send advice of a bill we hold for collection, with form of power of attorney enabling us to accept the same on behalf of the ...
- 45 Bill Accepted by Two Drawees—Right of the Bank at which the
- Bill is Domiciled to Charge it to the Account of One of the Acceptors. Question 47. A bill drawn on and accepted by two drawees is made payable at a bank. Is the bank authorized ...
- 46 Bill of Exchange Accepted by Two or Three Drawees.
- Question 48. A bank negotiates an unaccepted bill of exchange drawn upon three persons who are not partners. Two of these accept but the third refuses, and the draft is protested, for ...
- 47 Bill Accepted Payable at a Bank where the Payee Has no
- Account. Question 49. May a bank refuse to take money with which to pay a draft held by another party, from the drawee of the same, the draft having been accepted by him payable ...
- 48 Payment by a Bank of a Customer's Acceptance.
- Question 50. A customer of a bank has $100 at credit of his account and issues a cheque for that amount. Before the cheque is presented an acceptance for $50 is presented and is charged ...
- 49 Alteration of Date of Maturity—Days of Grace.
- Question 51. A bill dated October 1st, payable 30 days after date, is, with the consent of all parties, accepted by the drawee as payable November 15th. Does the acceptance carry three ...
- 50 Bill Accepted by an Attorney—Right of Paying Bank to Require
- the Lodgment of the Power of Attorney. Question 52. Your answer to Journal Question No. 413 seems rather equivocal, in that after saying yes, you seem to qualify that by what ...
- 51 Bill Accepted under Power of Attorney—Right of Bank to
- Retain the Power of Attorney. Question 53. A bill accepted by the manager of Bank B under power of attorney from drawee is returned to Bank A unpaid, Bank B retaining the power of ...
- 52 Amount of a Bill Expressed in Figures and not in Words.
- Question 54. Would a bill be invalid because the amount in the body is expressed in figures, instead of words ? Answer.We do not think that a bill is invalid because the ...
- 53 " Noting " Dishonoured Bills.
- Question 55. (1) A bank hands a dishonoured bill to their notary for noting, pending an expected settlement in a few days. (a) Should notary attach long declaration of noting in ...
- 54 Draft—" No Protest for Non-Acceptance." Return of
- Bill Dishonoured on Day following Maturity. Question 56. A draft sent by Bank A to Bank B for collection with instructions No protest for non-acceptance ...
- 55 Bill Drawn " at Sight," with One Day's Grace.
- Question 57. A draft is drawn from one of the States in the United States where days of grace have been abolished, on a party in Canada. It reads, At sight with one day's grace, ...
- 56 Bill at Three Months Sent by the Holder for
- CollectionNeglect of Collecting Agents to Present for Acceptance until near the Date of Maturity. Question 58. A bill dated 30th August, at three months, drawn by A. in ...
- 57 Acceptance of Bills Drawn " on Demand."
- Question 59. (1) Is a bank justified in paying an acceptance drawn on demand and accepted payable at the bank and dated a certain dayif same is presented two or three ...
- 58 Bills Drawn on Two on More Drawees Alternatively or in
- Succession. Question 60. A draft is drawn on (1) John Smith or Joseph Brown. (2) John Smith, or failing him, Joseph Brown. ...
- 59 Acceptance of Bills Drawn "on Demand."
- Question 61. (1) Is a bank justified in marking an acceptance drawn on demand, and accepted payable at the bank and dated a certain dayif same is presented two or ...
- 60 Place of Payment of an Acceptance.
- Question 62. A bill dated at Woodstock and drawn on a party in St. John reads: Pay to the Merchants Bank here the sum of .&...
- 61 Bill Drawn Payable at One Bank, and Accepted Payable at
- Another. Question 63. A draft drawn as follows: Pay to the order of myself at the Canadian Bank of Commerce, Montreal, is sent to the Merchants Bank of Canada, ...
- 62 Bill Payable "Two and One-half Months after Date."
- Question 64. What do you think is the correct due date of a bill dated 24th August, 1899, and payable two and a-half months after date? Answer.Two months from August ...
- 63 Bill Drawn to Mature on 31st October (including grace) Accepted
- Payable 31st October. Question 65. A bill dated 28th August, and payable two months after date, which would make it due on 31st October, is accepted by the drawee, who ...
- 64 Letters of Credit—Drafts Thereunder Paid at the Current Rate
- of Exchange for 60-day Bills. Question 66. Eeferring to the practice of cashing drafts drawn under letters of credit, at the current rate for 60-day bills, where Bank ...
- 65 Bill Held for Collection—Assignment of Drawee before
- Maturity of Bill. Question 67. Bank A sends for collection to Bank B, draft or note (to be protested in case). Drawee or maker assigns before maturity. What would be the position ...
- 66 Bill for Collection Recalled after being Marked Good.
- 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 ...
- 67 Bill for Collection—Should be Endorsed by Banks Sending Same
- for Collection. Question 69. A bill is sent for collection bearing on the face the stamp of the bank which sent it. The stamp shows the name of the bank, the branch, etc. The item ...
- 68 Acceptance Held after Maturity by Request of Prior
- PartiesProtest. Question 70. An acceptance is by arrangement with the prior parties held for ten days after its maturity without being protested, but at the expiration of ...
- 69 Bill Held after Maturity by Collecting Bank on Instructions of
- Owner. Question 71. A Winnipeg bank negotiates a draft drawn by one of its customers on a house in Kingston, and sends it to a bank in Kingston for collection. At maturity, the ...
- 70 Payment by a Bank of? a Bill on a Customer not Accepted by
- Him. Question 72. A bank has authority to pay the acceptances of a customer, and through an error has marked and paid a draft on him which had never been accepted. Has it any ...
- 71 Accepted Bill of Exchange with Bill of Lading Attached—Goods
- not up to Sample. Question 73. A bank holds a bill of exchange accepted by the drawee, to which is attached a bill of lading for wheat to the order of the bank. Before the bill ...
- 72 Bill of Exchange Payable to a Married Woman in the Province or
- Quebec. Question 74. May a cheque or bill, payable to a married woman residing in the Province of Quebec, whether she has, or has not, a marriage contract, be properly paid or ...
- 73 Bill of Exchange—Requirement as to the " Sum Certain in
- Money. Question 75. Do you consider a draft drawn payable with bank charges negotiable? Answer.We would not consider this to be a bill of ...
- 74 Bill of Exchange; Time of Payment Depending on Arrival of
- Goods. Question 76. Would you consider the following form of draft advisable: Sixty days after arrival of goods at destination pay to the order of? If ...
- 75 Bills of Lading as Security.
- Question 77. A bank receives from the shipper of goods a bill of lading (railway receipt) issued by a railway company for goods deliverable to a third party, as security for a draft drawn ...
- 76 Bills of Lading as Security.
- Question 78. Please consider the following points connected with grain shipments from the interior of Ontario to millers and grain dealers at the centres. As the grain has usually to be ...
- 77 Bill of Lading Obtained from a Carrier by Fraud and Held by a
- Third Party as Security for an Advance. Question 79. Where a bill of lading issued by a public carrier to the order of a shipper, signed by the usual officer, is obtained by fraud,...
- 78 Bill of Lading to the Order of a Bank—Goods Delivered by the
- Carrier to Someone other than the Bank without the Latter's Authority. Question 80. A bank cashes a draft accompanied by a bill of lading drawn to the order of the bank. If the ...
- 79 Part Payment of a Bill—Rights of Holders against Prior
- Parties. Question 81. Can a bank accept part payment of a bill and reserve its rights for the balance against the endorsers by protest or notice of dishonour? Answer.&#...
- 80 Bills Payable in Sterling Drawn on Points in Canada.
- Question 82. (1) Can a bank legally pay a demand draft, payable in sterling, drawn upon it by an English bank, at a less rate than that provided in section 71 (d) of the Bills of Exchange ...
- 81 Sterling Bill Payable at the Current Rate of Exchange.
- Question 83. (a) A bill of exchange is drawn by a firm in London, England, on a merchant in Canada, in sterling, at sixty days' date, to be paid at maturity at the current rate of ...
- 82 Sterling Bill Payable "at the Current Rate of
- Exchange. Question 84. A sterling bill on a Canadian house drawn at three days' sight is expressed to be payable at the current rate of exchange when due. Is ...
- 83 Sterling Bills—Rate of Exchange.
- Question 85. What is the correct rate (demand or 60-day) to charge on a sterling acceptance when due? Why, custom or law? Answer.Under section 71, sub-section 6, of ...
- 84 Ninety-Day Bills—Rate of Exchange.
- Question 86. What is the proper rate for a 90-day bill on London as compared with a 60-day bill, and how is it calculated ? Answer.The difference between a 60 and a 90-day ...
- 85 Current Rate of Exchange—Sixty-Day Bate.
- Question 87. In many instances demand letters of credit drawn in Great Britain payable at the current rate of exchange are redeemed in Canada at the 60-day rate. I can see ...
- 86 Bill Payable "------ Months and a half after Date."
- Question 88. Would months and a half after date be a good bill? Answer.There have been no judicial decisions as to the effect of an ...
- 87 When is a Bill Protestable.
- Question 89. At a point occupied by a chartered bank only every other day, is the day next the maturing date of a bill the proper date to protest for non-payment when the due date falls ...
- 88 Bill Received for Collection with " No Protest " Slip
- AttachedNo Instructions in Accompanying Letter. Question 90. A bill received for collection has a no protest slip attached, but in the letter enclosing it no ...
- 89 Bills Drawn on Canada "Payable with Exchange.''
- Question 91. A sight draft for $1,000, drawn in New York on a firm in New Glasgow, payable with exchange, is sent to a bank in Halifax, thence to the agency of another bank in ...
- 90 Steeling Bill Drawn on a Canadian Bank—Rate of
- Exchange. Question 92. The customer of a Winnipeg bank draws at London, England, a cheque on them for £1,000 sterling. What rate of exchange is the holder entitled to receive? ...
- 91 Special Bequest to Drawee of a Bill. Effect on Acceptance.
- Question 93. A bill of exchange is drawn bearing the crossing, Accept all drafts. Any errors will be rectified at office. Is this an unconditional bill, and does the crossing ...
- 92 Bills of Exchange Act—What is Meant by " the Time of
- Payment. Question 94. A by-law of a municipal corporation authorizes borrowings from the bank repayable on or before 15th December. The note tendered is made payable on 15th ...
- 93 Acceptance Payable " with Exchange "—Refusal of
- Acceptor to Pay Exchange. Question 95. A draft for $100 and exchange, with a no protest slip attached to it, is sent to a bank in Halifax for collection ...
- 94 Acceptance Presented for Payment at Bank after Maturity.
- Question 96. Is it proper for the bank to pay a customer's acceptance after maturity, assuming that it has funds at the customer's credit, that the acceptance is in order, and that it has ...
- 95 Power of Attorney to Accept Bills, Signed by an Attorney.
- Question 97. The power of attorney sent out by banks to procure acceptance of drafts is frequently signed by an attorney of the drawee. Has he the power to instruct the bank to accept ?...
- 96 Bill Sent for Collection in an Indirect Manner.
- Question 98. A bank in Kingston cashed for a customer, who endorses it, a cheque payable in Sault Ste. Marie, where it has no branch. It sends it to its Toronto branch, which turns it ...
- 97 Collections Sent to Private Bankers.
- Question 99. A current account customer brings in a note for collection, made payable at a private banker's office in a place where there is no chartered bank. He is told that the ...
- 98 Bills of Lading.
- Question 100. If a client ships on a local railway bill 500 barrels of flour with the bill of lading reading to the order of John Smith Co., Demerara, S. A., notify John Smith ...
- 99 Unpaid Bill Charged to Endorser's Account with Notice to Him, but
- without Protest. Question 101. Is not a banker justified in charging an unpaid bill to the endorser's account, provided there are funds, without first protesting it, if he ...
- 100 Assignments of Book Debts.
- Question 102. Would an assignment of book accounts which may be created during the year, be an effectual security. or is it necessary that the accounts should first be actually in ...
- 101 Assignment of Book Debts.
- Question 103. Is an assignment of book debts to the bank, as the law now stands, valid as against other creditors ? Answer.We know of nothing to prevent the bank ...
- 102 Assignment of Book Debts.
- Question 104. Would an assignment of book accounts hold good as against other creditors if the debtors were not notified by the bank of the assignment? Answer.We do not ...
- 103 Books on Banking Law.
- Question 105. What are the principal publications bearing on the law of banking in Canada, and giving legal decisions, etc.? Answer.The only Canadian book on banking law ...
- 104 Borrowings by a Corporation beyond the Scope of its Powers.
- Question 106. Two of the officials of an incorporated body borrow money from a bank. The corporation has no power to borrow, which fact is known to the bank. In the event of trouble ...
- 105 Joint Stock Companies—Limitation of Borrowing Powers.
- Question 107. The amendment to the Company's Act passed by the Dominion Parliament last year says that the limitation on the borrowing powers of the company shall not apply to or ...
- 106 Branches of Banks—Interest to be Paid Same when
- Self-supporting. Question 108. A branch with considerable discount business has a much larger amount of deposits bearing interest. At the end of the year, therefore, the ...
- 107 Canadian Bankers' Association Clearing House.
- Question 109. Should not the word or on sixth line of Clearing House Rule No. 14 be on ? Will you kindly give an illustration of the working of Rule ...
- 108 Grand Trunk Railway and Canadian Pacific Railway Pay Cheques.
- Question 110. Are the vouchers issued by the Grand Trunk and Canadian Pacific Railway companies, cheques? An article in the English Bankers' Magazine for April calls ...
- 109 Cheque Certified by a Bank " Good for Two Days
- only. Question 111. Can a bank refuse payment of a cheque which it has marked good for two days only if presented after expiration of the two days? ...
- 110 Cheque Marked " Good foe Two Days only."
- Question 112. A correspondent writes: In your issue of July, 1899, you have answered the question No. 1ll, which is: Can a bank refuse payment of a cheque which it has marked &...
- 111 Rights ok a Bank to Refuse to Certify or Accept Cheques.
- Question 113. Has a bank a right to refuse to certify a cheque presented by the drawer, and payable to his own order, because it is not endorsed? Answer.We do not ...
- 112 Certification of a Cheque by the Drawee Bank—Right of the
- Bank to Cancel its Acceptance after Delivery. Question 114. A cheque which has been dishonoured is handed by a bank to a solicitor for collection. On presenting it at the bank on ...
- 113 Certified Cheque—Would the Drawee Bank be Justified in
- Refusing Payment on the Drawer's Instructions ? Question 115. Would a bank be justified in refusing to pay a certified cheque if instructions had been received from the drawer to ...
- 114 Crossed Cheques.
- Question 116. Would a Canadian teller be justified in paying a cheque with two lines across the face? I take it that if a cheque were crossed to, say the Bank of Montreal, it would have ...
- 115 Changes of Bank Officials.
- Question 117. Is it customary with Canadian banks, in case of a change of manager or accountant of an office, for the retiring manager or other constituted authority to inform the other ...
- 116 Chattel Mortgage on Growing Crops where Land Mortgaged TO ANOTHER
- PARTY. Question 118. Jones's farm is mortgaged to a loan company, and his growing crops are covered by a chattel mortgage to a private banker. The loan company take proceedings to ...
- 117 Alteration of a Cheque after Certification by the Bank.
- Question 119. A draws a cheque payable to B for $1,000; gets it certified by his bank, and sends it by post to B. B finds he does not need it and returns it to A, but omits to endorse it. ...
- 118 Cheque with the Amount Expressed in Figures only.
- Question 120. The amount of a cheque is expressed in figures only, both in the body of the cheque and in the margin. Has the bank a right to refuse payment of a cheque so drawn, for ...
- 119 Cheque Drawn by a Firm to the Order of One of the Partners, Cashed
- by another Bank and Lost in the MailsFailure to Notify Endorser of Dishonour. Question 121. 1. A post-dated cheque drawn by a firm on an American bank in favour of one of ...
- 120 Cheque Cashed by a Branch of a Bank other than the Branch on Which
- it was DrawnSent for Collection and Lost in Mails. Question 122. A cheque on a bank in Hamilton in favour of A was cashed for him by a bank in Toronto. It was forwarded by ...
- 121 Certified Cheque Payable to the Drawer's Order— Subsequent
- Garnishment of Funds at Credit of Account. Question 123. A customer of a bank draws a cheque on it in his own favour for the full amount of his balance and has it accepted. The ...
- 122 Certified Cheque — Responsibility when Bank Fails before
- Payment of. Question 124. A cheque on bank B is deposited with bank A by Jones Company, who endorse it. Does bank A release Jones ...
- 123 Cheque Crossed by Payee Bank Payable at Par at a Branch of another
- Bank. Question 125. A customer of a bank at St. Hyacinthe which has not a branch in Montreal, presents his cheque on the St. Hyacinthe Bank, which the latter at his request stamps ...
- 124 Cheque Dated January, 1899, Offered for Deposit in January,
- 1900. Question 126. A customer wishes to deposit with his bank, on 5th January, 1900, a cheque drawn on another bank dated 5th January, 1899. Is the bank justified in refusing to ...
- 125 Defacing a Dishonoured Cheque.
- Question 127. A cheque has been dishonoured, and is charged back to the account of the customer from whom it was received. When charging it back the ledger-keeper marks the cheque with ...
- 126 Dishonoured Cheque—When May Same be Protested.
- Question 128. Can a dishonoured cheque be protested before the regular bank closing hour? Answer.Neither a cheque nor any other bill of exchange can be protested before ...
- 127 Cheque—Delay in Presentment for Payment. Re-course against
- the drawer. Question 129. A gets B to give him his cheque on bank Y for $500. He asks bank Z in the same town to cash it and hold it for a week without presenting, at the end of ...
- 128 Cheque Dishonoured and Paid after some Days Delay —Holder's
- Bight to Interest. Question 130. A cheque dishonoured on 9th April is to be paid on 15th May. Has the holder a legal claim on the drawer for interest? Answer.A ...
- 129 Cheque Drawn on an Altered Form
- Question 131.The name of the bank printed on a cheque was ruled out, and that of the one at which the drawer kept his account written in. Would this under any circumstances be a material ...
- 130 Cheque Drawn " Payment in Full of Account "—Right
- of Drawee Bank to Refuse to Pay. Question 132. Has a bank any legal right to refuse payment of a chequeor is there any custom to warrant their doing so, there being funds ...
- 131 Cheque Endorsed by Payee—Refusal of Party Presenting to
- Endorse. Question 133. A presents at the drawee bank a cheque payable to the order of B and endorsed generally by the latter, &...
- 132 Cheque Endorsed by Presenting Bank, "Deposit to Credit
- of------ (Payee) . Question 134. Is a bank justified in refusing payment of a cheque which is not endorsed by the payee, but has been endorsed by the payee's bank as follows&...
- 133 Bill foe Collection Recalled after being Marked Good.
- Question 135. 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 ...
- 134 Forged Cheque Cashed by the Drawee Bank.
- Question 186. A cheque endorsed by the payee to a third party is presented by the latter to the bank on which it was drawn and duly honoured. It subsequently transpires that the drawer's ...
- 135 Forged Cheque Paid through the Clearing House— Right of
- Paying Bank to Recover. Question 137. If a bank pays a cheque drawn on itself through the Clearing House, and some days afterwards discovers signature is a forgery, can it recover ...
- 136 Payment of Forged Cheque to Innocent Holder.
- Question 138. A customer of a bank deposits an unmarked cheque drawn on another bank for credit of his account. This cheque is sent into the bank it is drawn on, through the Clearing ...
- 137 Refusal of Bane to Pay Customer's Cheque for Which there are
- funds. Question 139. May the teller of a bank refuse to cash a cheque which is correct in every particular and for which there are funds ? The case in mind is one where the teller ...
- 138 Not Sufficient Funds.
- Question 140. A has a cheque of $80, signed by B, on our savings department, but B has only $40 to his credit; is the bank justified to pay to A the balance remaining to B's account ...
- 139 Insufficient Funds for a Cheque.
- Question 141. Would you think it well to amend the law so as to give to the holder of a cheque for which there are sufficient funds, a right to receive whatever amount there may be at ...
- 140 Rights of the Holder of a Cheque against the Drawee Bank.
- Question 142. In your reply to Question 141, you say that the acceptance by the banks of the cheques for part of their amount would as a practice be open to objection. Would you kindly ...
- 141 Cheque—Guarantee of Endorsement.
- Question 143. A cheque payable to Samuel Smith or order is endorsed: Pay to the order of Bank........ Deposited to credit of........ ...
- 142 Cheque Bearing the Words " In Full of Account."
- Question 144. A cheque payable to order contains the words in full of account to date. If the cheque is used does this discharge the liability of the drawer to the payee of ...
- 143 Cheque Lost in Mail—Rights against Customer from Whom
- Received and against Endorser. Question 145. A customer deposits a cheque drawn on an out-of-town point, which is duly credited to him, and sent by mail for collection. It is lost ...
- 144 Lost Cheque. Right of Drawer to Indemnity on Issue of
- Duplicate. Question 146. A cheque is lost in transmission between a bank in Montreal and one in Toronto. The drawer refuses to give a duplicate unless the bank in Montreal gives a ...
- 145 Rights of Parties to a Lost Cheque, the Drawer being Dead.
- Question 147. A cheque on a distant point is cashed for a customer, and is subsequently lost in the mails. The drawer of the cheque dies and the legal representatives refuse to give a ...
- 146 Cheque Made Payable at a Future Date.
- Question 148. A cheque dated 15th December, 1901, has written across its face payable 15th January, 1903. Does such a condition invalidate the cheque? If not, would the bank ...
- 147 Cheque Crossed " Duplicate."
- Question 149. A cheque is issued, having written across it the word duplicate. If the bank should pay this what would be its duty as regards the original? Is the drawer liable ...
- 148 Marked Cheques—Manager's Initials not Equivalent to an
- Acceptance. Question 150. Is the presence of the manager's initials on a cheque a sufficient guarantee of its being marked good or accepted? Answer.If the ...
- 149 Marked Cheque Outstanding Ten Years. Cheque never Entered. No
- Funds Held. Question 151. The manager of a bank marks a customer's cheque good, but omits to charge it to his account. The cheque is given to a third party as ...
- 150 Marked Cheque Raised Subsequent to the Marking.
- Question 152. Could the bank on which a marked cheque is drawn, which has been raised after marking, be held responsible for more than the original amount under any ...
- 151 Cheque Marked before Hours.
- Question 153. A cheque was presented between 9 and 9.30 a.m., and paid by the bank to the payee, who wished to get his business transacted early. At 9.30 a.m., the drawer of the cheque ...
- 152 Payment of a Countermanded Cheque—Responsibility of
- Officers. Question 154. The teller and ledger-keeper in a bank have both received a valid notice to stop payment of a certain cheque. It is presented to the teller for payment, ...
- 153 Endorsement of Cheque—Omission from Endorsement of
- Description of Payee. Question 155. A cheque drawn by the Order of Foresters payable to Mary Jones, widow of our late member, John Jones of Court M-------, ...
- 154 Cheque on an American Bank " Payable in New York
- Exchange. Question 156. The A. Co. and the B. Co., the first having headquarters in Canada, the latter in the United States, are really one and the same corporation, with ...
- 155 Sterling Cheque on Canadian Bank.
- Question 157. A man in London draws a cheque on a bank in Canada for so many pounds, shillings and pence, At what rate should it be paid? Answer.At the current rate for ...
- 156 Cheque or Acceptance Signed for a Firm by an Attorney Presented
- after the Attorney's Death. Question 158. Would a bank be justified in refusing payment of a cheque signed by, or a bill accepted by, a person holding a power of attorney for a ...
- 157 Paid Cheques.
- Question 159. Has a bank a legal right to retain paid cheques ? Answer.In the absence of any special agreement, we think the customer is entitled to receive back his ...
- 158 Memoranda of Partial Payments Endorsed on a Cheque.
- Question 160. A gives his cheque to B in payment of a debt, and B endorses to C. The cheque is dishonoured. A, later on, makes partial payments in respect of the debt represented by the ...
- 159 Cheque Payable at a Future Date.
- Question 161. A cheque dated 4th November, contains in the body the following instructions : On 20th November pay $50. Are these instructions binding, and is the drawee ...
- 160 Cheque Marked Payable only after a Certain" Date.
- Question 162. Is it obligatory upon a bank to pay a cheque upon presentation, when upon face of same a proviso making it mature fifteen years after date appears? Could such cheque be ...
- 161 Payee.
- Question 163. A depositor notifies his banker that he has issued a cheque payable to the order of John Smith, and wishes it paid only on the personal endorsement of John Smith. Is the ...
- 162 Cheque Payable to A B on the Endorsation of C D.
- Question 164. A cheque is made as follows: Pay to A B upon the endorsation of C D. The cheque is endorsed C D only. Is the endorsement of A B necessary, and has ...
- 163 Cheque Payable to Bearer.
- Question 165. Can the holder of a bill or cheque payable to bearer endorse it Payable to the order of A ? In other words, a bill or cheque being originally payable to bearer ...
- 164 Cheque to Bearer Drawn on an Outside Point—Bank's Right to
- Refuse Negotiation without the Customer's Endorsement. Question 166. May a bank refuse to negotiate a cheque drawn on some other point and payable to bearer, unless endorsed by the ...
- 165 Cheque Payable to " Bearer " Endorsed to "
- Order. Question 167. A cheque payable to John Smith, and properly endorsed: Pay to bearer, John Smith, is subsequently endorsed: &...
- 166 Cheque Payable to " Cash or Order."
- Question 168. Does a cheque payable to cash or order require the endorsement of the drawer? Answer.No. If cash means literally cash ...
- 167 Cheque Payable to an Insolvent, Deceased.
- Question 169. A man assigns and within a week dies. A cheque dated after his death which is made payable to him personally is presented for payment. Should the assignee of the estate or ...
- 168 Cheque in Favour of John Jones Paid to another Party of that
- Name. Question 170. (1) I make a cheque payable to John Jones. This falls into the hands of the wrong John Jones, who presents it, demanding payment. The teller, knowing him to be ...
- 169 Cheque Payable to John Smith, Guardian for Mary and Patrick Brown,
- Endorsed John Smith, Guardian. Question 171. A cheque made payable to John Smith, guardian for Mary and Patrick Brown is endorsed John Smith, ...
- 170 Cheque Payable to " James Smith, Overseer," Endorsed
- James Smith. Question 172. (1) With reference to your reply to Question 171, is a bank justified in returning as not properly endorsed a cheque which is payable to &...
- 171 Endorsement of Cheque Payable to " Mrs. John
- Smith. Question 173. A cheque is drawn in favour of and endorsed, Mrs. John Smith. Is the endorsement legal ? Answer.If the cheque were endorsed ...
- 172 Cheque in Favour of Mrs. J. Smith, Endorsed "
- Mrs. J. Smith. Question 174. Is the following form of endorsement (1) valid as a matter of law, and (2) regular according to the Clearing House Conventions: Cheque drawn in ...
- 173 Cheque Drawn to " Order " altered to " Bearer
- by Drawer after being Marked Good. Question 175. A cheque drawn payable to John Smith or order is marked good by a bank, specially to pay a pressing claim of John Smith's. ...
- 174 Cheque to " Order " Endorsed by the Payee " without
- Recourse. Question 176. (1) A cheque payable to order is presented for payment by the payee, bearing above the endorsement the words Without recourse to me. ...
- 175 Cheque Payable to the Order of a Failed Firm.
- Question 177. Supposing an assignment for the benefit of creditors were made by a firm, say John Smith Co. Would the endorsement of this firm, which is commercially dead, be a ...
- 176 Cheque to Order not Endorsed : Endorsement of Payee's Banker
- Question 178. Do you approve of paying cheques drawn to order bearing in lieu of the payee's endorsement the following : Deposited to the credit of account of &...
- 177 Cheque Payable to Order—Right of Drawee Bank to Demand
- Endorsement. Question 179. Section 8, clause 5, of the Bills of Exchange Act reads: Where a bill is expressed to be payable to the order of a specified person, and not to ...
- 178 Cheque Payable to " Order "—Right of Bank to
- Demand Payee's Endorsement. Question 180. John Jones gives a cheque on the Bank of Montreal, Toronto, payable to C. Smith or order. Mr. Smith presents the cheque for payment, but ...
- 179 Right of Drawer Bank to Demand the Endorsement of the Payee of a
- Cheque to Order. Question 181. (1) A cheque is drawn Pay to A. B. or order. The payee presents the cheque for payment to the bank on which it is drawn. ...
- 180 Cheque to Order Deposited Unendorsed.
- Question 182. (a) A. Jones deposits with his bank a cheque, which he neglects to endorse, the cheque being made payable to his order. His banker endorses on the cheque: '' Deposited to ...
- 181 Cheque Payable to and Presented by an Insolvent Who has just
- Assigned. Question 183. (1) A party having just assigned received, subsequent to assignment, two cheques, one from a creditor of the estate, and one from a friend, both drawn ...
- 182 Cheque to the Order of " Sam Jokes "—May the Bank
- Pay to Anyone of that Name? Question 184. If a cheque is drawn in favour of Sam. Jones without any further description of payee, can the bank pay the money to any Sam. Jones, or ...
- 183 Cheque Payable to " Self," with Words " or Beaker
- Scored out. Question 185. A cheque is drawn by John Smith, payable to self, the word bearer being scored out; in other respects the cheque is in ...
- 184 Cheque in Payment of Goods Accepted by Secretary of a Patron
- Organization, Payable to Himself Personally, and Negotiated with a BankCheque DishonouredRights of Holder. Question 186. John Smith having been appointed secretary ...
- 185 Irregular Endorsements.
- Question 187. A certified cheque on a bank in California, payable to Stephen Jones and Mrs. William Smith, and endorsed S. Jones and Sarah Smith, is paid by a Canadian bank. It goes ...
- 186 Cheque Presented by a Debtor of a Bank.
- Question 188. The payee of a cheque drawn to order endorses it and presents it for payment. Can the bank rightfully apply the funds upon an overdue note it holds of the payee ? What if ...
- 187 Cheque Presented by Payee, Who is a Debtor of the Bank.
- Question 189. The payee of a cheque drawn to order endorses it and presents for payment. Can the banker rightfully apply the funds upon an overdue note he holds of the payee's ? ...
- 188 Cheque Presented for Payment after the Drawer's Death.
- Question 190. A cheque was presented, for which there were funds, but was refused because the drawer had died on the clay before presentation. In a similar case a few years ago within my ...
- 189 Presentation of a Cheque for Payment—Due Diligence.
- Question 191. A suburban office of a city bank (or a bank not a member of the clearing house) receives a cheque from a customer on Saturday at ten o'clock a.m., hands the same to its city ...
- 190 Cheque Received from a Customer on Deposit, with a Prior
- Endorsement Forged. Question 192. A cheque in favour of one T. A., and purporting to be endorsed by him, is received from a customer of ours on deposit; he endorses the cheque ...
- 191 Cheque Returned Unmarked by Drawee Bank, for Proper
- EndorsationFunds Withdrawn before RepresentmentLiability of the Bank. Question 193. A cheque drawn on one of their country branches is received by one Toronto bank ...
- 192 Insufficient Funds for a Cheque.
- Question 194. Would you think it well to amend the law so as to give to the holder of a cheque for which there are not sufficient funds, a right to receive whatever amount there may be at ...
- 193 Rights of the Holder of a Cheque against the Drawee Bank.
- Question 195. In your reply to Question 194, you say that the acceptance by banks of cheques for part of their amount would be a practice open to objection. Would you kindly state the ...
- 194 Cheque Sent for Collection and Lost in the Mails.
- Question 196. On July 18th we sent a cheque on a branch of La Banque Ville Marie to that branch for collection. On July 26th (which would be the usual time to ask its fate), hearing of ...
- 195 Cheques Signed by Attorney, the Depositor's Name being Written
- without the Addition of the Attorney's Name. Question 197. A B has given C D a power of attorney to sign cheques on his account, and in a letter to the bank asks that the cheques ...
- 196 Stop Payment.
- Question 198. A, who was the holder of a cheque signed by B, payable to bearer, notifies the drawee bank that he has lost said cheque and wishes payment stopped. By section 74 ...
- 197 Stop Payment of a Marked Cheque.
- Question 199. (1) The successful tenderer for a contract being let by the town of B, discovers after being awarded the contract, that he has made a mistake in his calculations. He asks to ...
- 198 Stop Payment of Cheque—Cheque Certified by Drawee Bank
- through Oversight Certification Cancelled. Question 200. The bank on which a cheque, payment of which has been stopped, is drawn, receives it by mail from an outside point....
- 199 Treatment of Cheques when Payment of Same has been Stopped.
- Question 201. John Johnson gives his cheque to James Peterson, and subsequently instructs his bank to stop payment. Cheque is presented by mail by a second endorser, Peter Smith. The bank ...
- 200 Stop Payment of a Cheque—Subsequent Negotiation by Third
- Party in Good Faith. Question 202. A issues a cheque payable to B or order, and subsequently stops payment of same. The cheque is negotiated to C, who does not know of payment ...
- 201 Dishonoured Draft—Right of a Banker to Charge a Portion of
- the Amount to the Drawer's Private Account, Where there are not Sufficient Funds in His Business Account. Question 203. A customer has two current accounts (one an ...
- 202 Telegraphic Request to Hold Funds for a Cheque.
- Question 204. Do you consider it safe for a bank to hold funds which are at a customer's credit, on a telegraphic request from another bank which is about to cash the customer's cheque? ...
- 203 The Acceptance or Certification of Cheques.
- Question 205. A bank refuses to put an acceptance stamp over its ledger-keeper's initials certifying cheques and bills domiciled with it. (1) Is there any way in which we could compel ...
- 204 Cheque to Drawee's Order. Right of Bank to Have it Endorsed.
- Question 206. A person presents a cheque, which he has himself drawn to his own order, to the bank on which it is drawn. Is he obliged to endorse it? Answer.For the ...
- 205 Cheque Torn across and Pasted together.
- Question 207. Would a bank be justified in refusing payment of a cheque which had been torn across and pasted together? Answer.Yes. Unless perfectly satisfied as to its ...
- 206 Undated and Post-dated Cheques.
- Question 208. Are undated and post-dated cheques negotiable ? Answer.They are not invalidated by the absence of a date or by being post-dated, and are therefore on the ...
- 207 Cheque Unmarked, Received on Deposit by the Bank on Which it is
- DrawnRight to Recover on Finding THAT THERE ARE NOT FUNDS. Question 209. A bank receives on deposit from another bank a cheque drawn upon it by a customer, and enters the ...
- 208 Cheque Issued with Blank Space before or after the Amount.
- Question 210. Referring to the report of the judgment in Bank of Hamilton v. the Imperial Bank, in the January issue of your Journal, would not a ledger-keeper be justified in ruling a ...
- 209 Note not Payable to " Order " or "
- Bearer. Question 211. A note is drawn payable to John Jones simply, the words order or bearer being omitted. Is such a note ...
- 210 Individual Carrying on Business under a Trade Name. Signature on
- Cheques, Etc. Question 212. A person carries on business under the firm name of The Quebec Lumber Company, and deposits a declaration to that effect in the ...
- 211 Clearing House Rules—Returned Items.
- Question 213. Has not the paying bank until three o'clock the legal right to refuse to pay cheque presented through the clearing house, even though there be a local rule limiting the time ...
- 212 Clearing Houses.
- Question 214. (1) Why have no clearing houses been established at Quebec and Ottawa ?* * Since established. J.K. (2) Would it not be advisable to put them in operation ...
- 213 Clearing House Systems.
- Question 215. Every clearing bank in London, England, keeps a clearing account with the Bank of England, where is also kept an account known as the Clearing Bankers' Account. ...
- 214 Liability of Collecting Agent—Express Company.
- Question 216. A bank at Creditburg sent a promissory note for collection addressed to The Express Company, Duntown. The agent of the express company collected the note and ...
- 215 Collections—Responsibility of Banks for the Selection of
- Collecting Agents. Question 217. A bank receives on deposit from one of its customers a sight draft which is sent for collection to a branch of La Banque Ville Marie. The latter ...
- 216 Collections.—A Case of Negligence on Part of Collecting
- Bank. Question 219. A bank on presenting a draft for acceptance is tendered a post-dated cheque for the amount. This it holds, together with the unaccepted draft, until maturity, ...
- 217 Collections Sent to Private Bankers.
- Question 220. A current account customer brings in a note for collection, made payable at a private banker's office in a place where there is no chartered bank. He is told that the ...
- 218 Collections Sent to Private Bankers.
- Question 221. A bill for collection is sent by a bank to a private banker, who is a customer of the bank, there being no chartered bank in the place where the bill is payable. The cheque ...
- 219 Keys and Combinations Lodged with another Bank.
- Question 222. The manager and accountant of a bank hand to another bank in the same city a sealed package represented to contain duplicate keys and combinations of all the locks in the ...
- 220 Signature of a Company without the Name of the Signing
- Officer. Question 223. Where a party trades under the name of a company, as for instance, The Canadian Iron Company, is it sufficient for him to use the name of the ...
- 221 Press Copies v. Carbon Copies.
- Question 225. The practice of filing carbon copies of typewritten letters instead of copying them in letter books seems to be growing. 1 would like the opinion of other bankers as to the ...
- 222 Currency of Canada Convertible.
- Question 226. Is the currency of Canada a convertible or an inconvertible one? Can I take $1,000 in legal tender notes to the Receiver-General and demand gold? Can I ...
- 223 Par Value of Foreign Currencies.
- Question 227. Is there any recognized par value for francs and marks? Answer.The value of francs and marks is fixed by the Governor-General in Council, for customs ...
- 224 Days of Grace in England.
- Question 228. How many days of grace are allowed in England on bills drawn (a) at sight, (b) at three days' sight, (c) at sixty days' sight? Answer.A sight bill payable ...
- 225 Debentures Held by a Bank as Collateral—Neglect of Bank to
- Present Coupons Promptly. Question 229. A bond with coupons attached is held by a bank as collateral security. They neglect to collect the coupons as they mature, and ultimately ...
- 226 Debentures Issued without Coupons.
- Question 230. A trading company makes an issue of debentures, secured by mortgage, over all its property, to which debentures no coupons are attached. Apart from the question of the ...
- 227 Note Delivered without Endorsement.
- Question 231. (1) Is the maker of a note which is overdue protected in the payment of the same, to any one presenting it, upon having note delivered up to him without the endorsement of ...
- 228 Deposits between Banks at Points where there is no Clearing
- House. Question 232. Two banks, at a point where there is no clearing house, exchange deposits before eleven o'clock each day. (1) Is it permissible for either to make a second ...
- 229 Deposits for Benefit of a Minor.
- Question 233. What is the best way in which money can be deposited by a father to the credit of his son, age eleven? If the father placed it in his own name in trust for the son, ...
- 230 Deposit from Minor.
- Question 234. Referring to your answer to Question No. 233, you give the impression that there is a limit to the amount which may be received on deposits from minors as applying to Quebec ...
- 231 Deposit in Name of A B, in Case of Death Payable to Creditors to
- Garnish the Moneys. Question 235. A B deposits money as follows: ''A B for C D, but C D to have no power to draw. Can a debtor garnish this money for a private debt of A B ?<...
- 232 Deposit in Name of A B, in Case of Death Payable to C D.
- Question 236. Is a deposit receipt payable to A B or in case of death to C D legal? Would C D in case of A B's death have a clear title to the amount irrespective of any will which A B ...
- 233 Accounts in Names of " A B, Sheriff," and " C D,
- Trust Account Right of a Bank to Charge thereto Personal Acceptances. Question 237. If a draft is accepted by A B and C D individually, A B having an account styled &...
- 234 Deposit Account " in Trust "—Executor's Right to
- Withdraw Funds. Question 238. Where a client of a bank opens an account in his own name in trust, and dies when the account is in funds, can his executor give a valid ...
- 235 Deposit in Name of Deceased Minor.
- Question 239. A minor (resident in Ontario) dies leaving a balance in savings bank. Can the father of such minor draw the money ? What is the legal course to pursue ? Answer.&#...
- 236 Accounts in the Names of Minors.
- Question 240. (1) What is the Ontario law relating to money deposited by minors? (2) Which would you advisethe opening of a savings bank account in the name of a minor, ...
- 237 Deposit in Name of Deceased Executor.
- Question 241. A bank issued a deposit receipt to John Jones, executor. John Jones is now dead. The deposit receipt is not mentioned in his will. Are his executors legally entitled to ...
- 238 Account in Name of "Estate of John Smith," the Latter
- Being still Living. Question 242. (1) Is it usual to open accounts in name of Estate of John Smith or Succession of Jean Smith while John Smith is ...
- 239 Trust Deposits—Withdrawal by One of Two Trustees.
- Question 243. Are we to understand from sub-section 2, section 84, Bank Act, that a deposit in the names of two parties can be withdrawn by one of them? If one of the depositors died ...
- 240 Account in Name of Two Executors.
- Question 244. An account stands in the name of two executors. Is it not legal, according to the Bank Act, for either alone to draw? Answer.If the circumstances connected ...
- 241 Account in Name or " Job Smith, ' Sheriff.' "
- Question 245. Job Smith, sheriff, places a sum of money in current account in his name as sheriff, the money deposited being court funds. Smith is dismissed from office and a successor ...
- 242 Deposit in Name of " A B, Sheriff," or " A B,
- Assignee. Question 246. A deposit account is opened in the name of A B, sheriff, and another in the name of A B, assignee. On A B's decease to whom ...
- 243 Moneys Deposited in Trust—Right of Beneficial Owner to
- Control. Question 247. An account is opened in the following name, John Smith, in trust for Springtime Fire Brigade. In accordance with the rules of the Fire Brigade, ...
- 244 Trust Accounts.
- Question 248. (1) Is there any objection to opening an account in the following form: Mary Brown, administratrix, John Jones, attorney, the power of attorney from Mary Brown ...
- 245 Deposit Receipts—Negotiability.
- Question 249. Are deposit receipts transferable by endorsement ? Answer.The usual form of deposit receipt is, we think, a receipt for money, and an undertaking to '' ...
- 246 Negotiability of Deposit Receipts.
- Question 250. Referring to my enquiry as to the negotiability of deposit receipts (Question 249), subjoined is a copy of the wording of the receipt which I had in mind : ...
- 247 Deposit Receipts "not Transferable."
- Question 251. Would not the bank's responsibility as to the proper disposal of moneys held on deposit receipt be lessened if the words not transferable were omitted from ...
- 248 Deposit Receipts—Duty of Bank when Depositor Proves Loss or
- Destruction of Same. Question 252. I am advised by a leading solicitor here that a bank can be compelled to pay the amount of a lost deposit receipt without a bond of indemnity, ...
- 249 Deposit with Private Banker Guaranteed by a Bank.
- Question 253. Does the guarantee of a deposit receipt of, or deposit account with, a private banker come within the powers of a chartered bank? Can a branch manager give such a guarantee, ...
- 250 Deposit—Withdrawal of Same on Legal Holiday.
- Question 254. A gives his cheque to B in payment of an indebtedness, on the evening preceding a legal bank holiday. The bank remains open for the transaction of business on the holiday, ...
- 251 Right of a Bank to Pay at a Branch in Nova Scotia a Deposit
- Received at a Branch in New Brunswick, under Letters of Probate Issued to the Depositors in Nova Scotia. Question 255. A resident of New Brunswick, having a deposit in a bank in ...
- 252 Deceased Depositor—Letters of Administration—The Bank
- Act. Question 256. With reference to section 84 of the Bank Act, as amended by section 20 (3) of the amending Act of 1900, where a deceased depositor has more than $500 at his ...
- 253 Depositor—When Deceased.
- Question 257. A married woman who has some money at her credit, believed to be held by her for a church society, dies, leaving a husband and minor children. The society claims the money. ...
- 254 Depositor Operating a Business Account and a Personal
- OneRight of Bank to Set Off. Question 258. John Smith, merchant, opens a business account in his own name with the bank, and also another account subsequently, called ...
- 255 Right of a Bank to Hold Funds at Credit of a Deceased Depositor
- against Unmatured Obligations of the Latter. Question 259. (1) A bank's customer at his death has a deposit in his own name, believed to be his own money. The bank holds unmatured ...
- 256 Refusal to Pay Money to Depositor under Influence of Liquor.
- Question 260. Can a depositor under the influence of liquor legally draw his money out of his savings bank account ? Has such a depositor any ground for action against the bank ...
- 257 Dividends—Right of Directors to Pay Same.
- Question 261. A loan company shows among its assets $5,000 for costs of charter, and $29,200 for organization expenses, the latter having been increased somewhat during the year. Would ...
- 258 Business Transacted by Banes for the Dominion Government.
- Question 262. Under the new regulations of the Post Office Department, we receive a cheque from the postmaster daily to take up the orders which have been cashed by the bank during the ...
- 259 Canadian Bank Notes and Dominion Notes—How Payable.
- Question 263. Can anyone presenting Canadian bank notes at place of issue demand gold for same up to any amount, and similarly with legal tender notes at the place of issue? ...
- 260 Legal Tender Notes—Payment under Sec. 57 of the Bank
- Act. Question 264. Would you construe sec. 57 of the Bank Act to mean that a bank may pay sums up to $100 in ones, twos or fours only to a party who desires such a payment? Can it ...
- 261 Married Women's Separate Estate.
- Question 265. Does a married woman who has a separate estate render that estate liable when she signs a note with her husband, or has she to sign another paper showing she intended to ...
- 262 Dower Interest in Encumbered Lands.
- Question 266. What general rule should be adopted by a banker in estimating a customer's financial position, where the assets of such customer consist of encumbered real estate, taking ...
- 263 Draft Accompanied by Bill of Lading for Payment— Surrender
- of Bill of Lading to Drawee to Enable Him to Examine Goods. Question 267. A bank holds a bill for collection, with bill of lading and certified invoice attached to be surrendered ...
- 264 Demand Draft with Bill of Lading " for Payment ''—
- Goods Delayed in Transit. Question 268. A demand draft with bill of lading attached, to be held for payment, is received for collection. The goods, owing to delay in transit, will ...
- 265 Dishonoured Draft.—Right of Banker to Charge a Portion of
- the Amount to the Drawer's Private Account where there are not Sufficient Funds in His Business Account. Question 269. A customer has two current accounts (one an ...
- 266 Payment of Original Draft, after Duplicate has been Paid.
- Question 270. A who resides in Montreal buys a sola draft from his bankers on their Toronto branch, payable to B or order, and the draft was lost. The bank gives ...
- 267 Draft Purchased from a Bank—Death of Purchaser before
- Delivery of Draft to Him. Question 271. A customer ordered and paid us the money for a draft on Hong Kong, which we obtained from our home office. Before delivery he died. What is ...
- 268 Advice of Draft—Responsibility for Delay.
- Question 272. The B of H draws a draft on the B of T with advice, pay to the order of John Jones the sum of $.... and charge to our account. When the draft is presented the ...
- 269 Sight Draft Left with Drawee for 48 Hours—Date of
- Acceptance. Question 273. If the holder of a sight draft should voluntarily leave it with the drawee for 48 hours for acceptance, and the drawee date his acceptance on the last ...
- 270 Draft, with Bill of Lading Attached, Cashed by a Bank. Has the
- Acceptor any Recourse against the Bank if the Bill of Lading should Prove to be Forged, or if the Goods are not as Ordered ? Question 274. A bank has cashed a draft with bill of ...
- 271 Draft with Bill of Lading Attached. Should Collecting Bank Permit
- Drawee to Examine Goods. Question 275. A draft is received for collection from a western bank with a bill of lading to order attached, instructions being ...
- 272 Draft with the Amount in Figures Different from that in Body.
- Question 276. The amount of a draft is expressed in words in the body as $150, the figures in the margin being $250, and is collected by a bank from the drawee at the latter amount. Some ...
- 273 Draft with Drawee's Address wrongly Given—Protest.
- Question 277. A draws upon B in Rossland by mistake; he should have drawn on him in Nelson, where he has a place of business and a residence. The item is sent forward to Rossland, subject ...
- 274 Wording of Sight Drafts.
- Question 278. A sight draft is made by A upon B, drawn out payable to the order of......bank, and cashed upon the security of the endorsement of C. ...
- 275 Endorsement Placed above Signature of the Preceding Endorser.
- Question 279. A signs a promissory note payable to B, B in order to get it discounted gets C to endorse. C's endorsement, however, is placed before B's on the note. Would C be liable to B ...
- 276 Forged Endorsements—A Complicated Case.
- Question 280. A Canadian bank sells a sterling draft on London to a customer. It is made payable to a person in a foreign country. The draft is cashed by a foreign bank for a person who ...
- 277 Cheque to the Order of "John Smith, Collector of
- Customs, Endorsed by the Assistant or Acting Collector. Question 281. A cheque is payable to John Smith, collector of customs. Are the following endorsements in ...
- 278 Endorsements by Rubber Stamp.
- Question 282. Now that stamped endorsements are becoming so much used by large business firms and others, would it not be as well to have some definite understandings regarding them? The ...
- 279 Endorsement by Rubber Stamp.
- Question 283. Could a bank's customer repudiate the following or similar endorsement, made with a rubber stamp on a cheque taken in deposit, the name as well as the instructions being ...
- 280 Stamped Endorsements.
- Question 284. John Smith carries on business under the name of the X Manufacturing Company. Is a stamped endorsement X Manufacturing Company, without the proprietor's name, ...
- 281 A Question of Endorsement.
- Question 285. During the writer's experience as accountant for ten years at different branches, including Winnipeg and Vancouver, it has been customary under Rules Respecting Endorsements ...
- 282 Endorsement by an Official on Behalf of a Company.
- Question 286. What is the legal difference, if any, affecting either the bank itself or its signing officers, between the following forms of signing drafts, receipts, orders, etc.: ...
- 283 Endorsement by Partner in a Firm—Rule 2 of the
- Association. Question 287. A cheque in favour of Smith, Brown Company is endorsed with a rubber stamp Smith, Brown Company, per ...
- 284 Forged Endorsements.
- Question 288. Referring to article on forged and raised endorsements in the April, 1903, number of the Journal, Cocks v. Masterman, what is the position of the acceptor who ...
- 285 Forged Endorsements—Claims Arising therefrom.
- Question 289. The drawee of a bill of exchange accepts and pays it. It is subsequently found that the signatures of the drawer and payee are forged. Can the drawer recover the money from ...
- 286 Forged and Irregular Endorsements, Etc.
- Question 290. Sub-section 3 of the amended section 24 of the Bills of Exchange Act says in effect that the drawer shall have no right of action against drawee for the recovery back of the ...
- 287 Forged and Irregular Endorsements.
- Question 291. Bank A deposits a cheque through the clearing house against Bank B. The cheque bears several endorsements, one being by power of attorney. There are ...
- 288 Missing Endorsement Necessary to Complete Title.
- Question 292. The A Bank presents to the '' C Bank through the clearing house a cheque payable to Smith Jones, or order, and bearing the endorsement of John Smith ...
- 289 Endorsement on Deposit Receipts.
- Question 293. Do you, or do you not, think that the simple endorsement by a bank of any deposit receipts passing through its hands guarantees all previous endorsements? 1 think it does, ...
- 290 Canadian Bankers' Association, Rules Respecting Endorsements.
- Question 294. Do the following endorsements require the guarantee of the depositing bank under the rules? A. John Smith, p. Tom Jones. B. The ...
- 291 Rules Respecting Endorsements.
- Question 295. One of the Rules respecting Endorsements adopted by the Canadian Bankers' Association is as follows: If purporting to be the endorsement of a ...
- 292 Rules and Conventions Respecting Endorsements.
- Question 296. A cheque is payable to the order of the Metropolitan Polo Club (an incorporated company). Would it be in order, under the Rules respecting Endorsements, if it ...
- 293 Conventions And Rules Respecting Endorsements.
- Question 297. A cheque payable to order is endorsed by mark (properly witnessed). It is presented through the clearing house bearing the usual stamped endorsement of the ...
- 294 Endorsement Stamps " Pay to any Bank."
- Question 298. Is there any essential difference between the clauses pay any bank to order and pay to the order of any bank? Answer.There is no ...
- 295 Endorsement without Recourse.
- Question 299. A of Halifax draws on B of St. John in favour of Bank R for $100, payable 30 days after date. Bank R discounts the bill ...
- 296 Cheque to Order of "AB, Treasurer," or "AB,
- Executor. Question 300. A cheque is drawn to order of AB, treasurer, or AB, executor. Is the endorsement AB sufficient without the ...
- 297 Irregular Endorsements.
- Question 301. A cheque payable to Mrs. A. A. Smith or order is endorsed B. B. Smith, and paid under a guarantee. (1) What is the exact position of the ...
- 298 Rules Respecting Endorsements.
- Question 302. (1) Bank A holds a cheque on Bank B payable to The Bonshaw Creamery Co. (Buttermilk) or order. This company is non-existent and cheque is endorsed The ...
- 299 Endorsement " J. Smith " on Cheque to Order of Joseph
- Smith. Question 303. A cheque payable to the order of Joseph Smith is endorsed J. Smith. Would the bank be justified in refusing to pay it if endorsed by and ...
- 300 Irregular Endorsements.
- Question 304. Is the endorsement John Smith, Secretary Jones Manufacturing Company, upon a cheque payable to the order of John Smith, irregular? Section 26 of the ...
- 301 Irregular Endorsements.
- Question 305. Has a bank a legal right to refuse to accept the endorsements mentioned below: Cheque payable to John Smith, Trustee, and endorsed John Smith&...
- 302 Irregular Endorsement on a Marked Cheque.
- Question 306. A sight draft on one of our customers, accepted by him payable at our office, is presented when due and marked good. When it comes in from the bank holding it next morning, ...
- 303 Rules Respecting Endorsements.
- Question 308. E. A. Jones and W. A. Jones (equal partners) carry on business under the name of the Jones Manufacturing Company. Is the following endorsement (stamped or written) in ...
- 304 Irregular Endorsement.
- Question 309. Jones and Brown trade and carry on business together, though no registered partnership exists, Jones attending to all the banking. Brown receives a cheque in payment of ...
- 305 Irregular Endorsements.
- Question 310. A certified cheque on a bank in California, payable to Stephen Jones and Mrs. Wm. Smith, and endorsed S. Jones and Sarah Smith, is paid by a Canadian bank. It goes forward ...
- 306 Unpaid Bill Charged to Endorser's Account with Notice to Him, but
- without Protest. Question 311. Is not a banker justified in charging an unpaid bill to the endorser's account, providing there are funds, without first protesting it, if he ...
- 307 Liability of Endorsers to Drawee of a Cheque.
- Question 312. With reference to the reply to Question 293, as to the right of a bank that has paid a cheque to a party with a defective title, to recover the amount from him, are not the ...
- 308 Liability of Endorsers to Drawee of a Cheque.
- Question 312. With reference to the reply to Question 293, as to the right of a bank that has paid a cheque to a party with a defective title, to recover the amount from him, are not the ...
- 309 Liability of an Endorser on Notes Payable to Bearer.
- Question 313. Is the liability of an endorser on a note payable to bearer the same as on a note payable to order? Answer.The liability is precisely the same. ...
- 310 Security Given by the Maker of a Note to an Accommodation Endorser
- and Assigned by the Latter to the Holder of the Note. Question 314. A bank has discounted for A a note endorsed by B. A assigns to B a mortgage to secure him for his endorsement, ...
- 311 Rights of Endorsers among Themselves.
- Question 315. AB sends CD a three months' note in settlement for an invoice of goods. CD, finding he cannot discount the note, returns it to AB, asking that another name be added in ...
- 312 Executor—Can He Give Power of Attorney to Another ?
- Question 316. Can an executor legally authorize another to sign documents for him as executor ? Answer.Yes. This is not a delegation of authority, but merely the ...
- 313 Estate of an Intestate—Powers and Responsibilities of the
- Administrators. Question 317. John Smith, a business man, with a bank account, dies intestate. A relative is appointed administrator by the court in the usual way. He opens an ...
- 314 Liability of Collecting Agent—Express Company.
- Question 318. A bank at Creditburg sent a promissory note for collection, addressed to The Express Company, Duntown. The agent of the express company collected the note and ...
- 315 Delivery of Money Parcel after Banking Hours.
- Question 319. The agent of an express company, with which a special contract exists, brings to the bank office at 5 p.m. a parcel of money, and requests the one officer whom he finds ...
- 316 Forged Cheque Cashed by the Drawee Bank.
- Question 320. A cheque endorsed by the payee to a third party is presented by the latter to the bank on which it was drawn and duly honoured. It subsequently transpires that the drawer's ...
- 317 Writs of Garnishment.
- Question 321. A Division Court judgment is held against an individual employed as assessor by a municipal corporation at a salary of so much for each year's work. He is, however, in the ...
- 318 Writs op Garnishment.
- Question 322. Smith owes Jones, who cannot collect his debt. Jones hears that Brown is going to give Smith a cheque, and has a writ of garnishment issued and left at the chartered bank on ...
- 319 Writ of Garnishment Served on the Maker of a Note by a Creditor of
- the Original PayeeCan the Maker safely Pay the Holder? Question 323. A is promissor on a note in favour of B, which is overdue and is held by a bank, having been duly ...
- 320 Grand Trunk Railway and Canadian Pacific Railway Pay Cheques.
- Question 325. Are the vouchers issued by the Grand Trunk Railway and Canadian Pacific Railway Companies, cheques ? An article in the English Bankers' Magazine calls attention to a ...
- 321 Liabilities of Partners—Guarantee Bonds.
- Question 326. A gives a bank a guarantee securing advances made to C. A afterwards enters into co-partnership with C under the style of C Co. How does this affect the guarantee? Is ...
- 322 Guarantee Written upon a Bill or Note.
- Question 327. A man writes and signs upon the back of a bill or note the following: I hereby guarantee payment of the within. Is he entitled to notice of dishonour ? ...
- 323 Guarantee Written On A Note.
- Question 328. A B transfers to C, for value, a note which is payable to his own order, endorsing it as follows: I guarantee payment of the within note. A B. There is no other ...
- 324 Guarantee Written on a Note.
- Question 329. (1) Could the amount of the subjoined note be collected from Jno. Smith, if at maturity Jno. Jones was unable to pay it? (2) Could it be collected ...
- 325 Guarantee Written on a Note.
- Question 330. A sends B in settlement of an account a promissory note payable to B and endorsed by C. Would the difficulty about C's liability be removed if he should add to his ...
- 326 Payments Made on Legal Holidays.
- Question 331. A gives his cheque to B in payment of an indebtedness on the evening preceding a legal bank holiday. The bank remains open for the transaction of business on the holiday, ...
- 327 Legal Holidays—Right of a Bank to Accept or Pay its
- Customers' Cheques on a Holiday. Question 332. (1) Has a bank any right to refuse or accept a cheque on a legal holiday? (2) In Montreal English Banks do business on ...
- 328 Banking Hours.
- Question 333. Is it optional with a bank to close at one o'clock on any other day than Saturday, in lieu of the latter day? Do not the provisions of the Bills of Exchange Act, respecting ...
- 329 Goods Hypothecated to Bank.
- Question 334. A sells to B C certain goods, receiving a deposit thereon. B and C apply to their bankers for a loan to make a further payment, offering to hypothecate to the bank ...
- 330 Identification of the Payee of a Cheque.
- Question 335. In your answer to Question 338 you say: A bank can refuse to pay a cheque to order until the bank is satisfied as to the identity of the endorser. A ...
- 331 Identification of the Payee of a Cheque.
- Question 336. A cheque for $100 drawn by Jno. Smith, of Ottawa, payable to his own order, is presented by him at a bank for payment. Although not personally known at the bank, yet the ...
- 332 Identification of the Payee of a Cheque.
- Question 337. A, known to cashier, makes the acquaintance of B at an hotel, and introduces him (B) to the hank for the purpose of getting a cheque cashed on another town, but A does not ...
- 333 Identification of the Payee of a Cheque.
- Question 338. A cheque drawn to order is presented for payment by an individual unknown to the officials of the bank. He claims to be the payee. Is the bank entitled to delay paying the ...
- 334 Identification of the Payee of a Cheque.
- Question 339. With reference to Question 338, is the inference to be drawn from the answer thereto that it becomes a duty devolving upon the ledger-keeper before accepting a cheque ...
- 335 Identification of the Payee of a Cheque.
- Question 340. Must a bank on which a cheque is drawn get the payee, if a stranger, identified? (2) What is the custom of banks in Toronto on this point ? (...
- 336 Identification of the Payee of a Cheque.
- Question 341. A cheque drawn on the Bank of , Montreal, payable to John Smith or order, is presented by a party claiming to be John Smith, but ...
- 337 " Index Number "—Meaning of Same.
- Question 342. Please explain the meaning of the Index number, to which allusions are frequently made in financial papers. It apparently refers to the price of commodities....
- 338 Individual Using Trade Name.
- Question 343. Jno. Robinson carries on business under the name of The Rochester Pork Co., for which he keeps a separate set of books. He has other assets which he treats as ...
- 339 Insanity of a Deposit Customer.
- Question 844. A customer of a bank, who has become insane, has a balance at his credit. Before becoming insane he accepted drafts payable at the bank. The manager of the bank knows that ...
- 340 Insurance and Assurance.
- Question 345. What is the difference between insurance and assurance ? Answer.The terms are used interchangeably. ...
- 341 Insurance Certificates Accompanying Bills of Lading.
- Question 346. A certificate of insurance is attached to a bill of lading. Must this certificate be drawn in favour of the drawer of the relative bill of exchange, or may it be in favour ...
- 342 Insurance on Property Held as Security.
- Question 347. If a bank notifies a customer that it has assumed possession of goods assigned to it under section 74 of the Bank Actalthough allowing the goods to remain on the ...
- 343 Insurance on Hypothecated Goods.
- Question 348. A mercantile house holds a policy of insurance covering goods in their possession, their own or held in trust or on commission for which they are responsible in case ...
- 344 Insurance Payable to a Bank "as its Interest, may
- Appear. Question 349. A bank holds security under section 74 on beef, pork and cured meats. The insurance policy lodged with the bank covers beef, pork, cured meats, lard ...
- 345 Fire Insurance Policies Held as Collateral Security.
- Question 350. Can insurance on the store and goods of a trader, assigned as collateral security for money advanced for the purpose of carrying on his business and meeting his liabilities, ...
- 346 Transfers of Insurance Policies, or Property Covered Thereby.
- Question 351. Under one of the clauses found in policies issued by fire insurance companies in Canada, any transfer or assignment of the property insured, without the written consent of ...
- 347 Legal Rate of Interest.
- Question 352. Has the legal rate of interest been reduced from 6 per cent. to 5 per cent. ? Answer.Yes. The legal rate of interest for liabilities incurred since the ...
- 348 Interest on Daily Balance—Method of Computing.
- Question 353. A customer who is allowed 2 per cent. interest on his daily balances of $5,000 and over in current account is in the habit of making deposits the last thing in the day to ...
- 349 The Act Respecting Interest.
- Question 354. (1) In what shape did the usury bill pass? (2) How will it affect banks re-discounting private bankers' paper? Many private bankers take notes, say at ...
- 350 Joint Deposit, Joint Depositors Deceased.
- Question 355. A deposit receipt is issued which is payable to two persons or either of them; in the event of both dying, leaving wills disposing of the amount in different ways, what ...
- 351 Joint Deposits—Executors.
- Question 356. An account is opened in the name of three executors. One dies leaving no will, and his heirs make an arrangement between themselves regarding his estate. Should the bank ...
- 352 Joint Deposits.
- Question 357. One partner in a firm having a current account with a bank dies. Is the surviving partner entitled to draw the balance ? If he should continue to make deposits in the name ...
- 353 Joint Deposits.
- Question 358. (1) In the event of a deposit being made to the credit of two parties, father and son, payable to both or either, would the government be entitled to succession duty on the ...
- 354 Deposits in the Names of Two Parties Jointly.
- Question 359. Some banks issue interest bearing receipts and open savings bank accounts to say Jno. Smith and Robt. Jones, both or either, and pay the money on one signature. ...
- 355 Deposits Payable to Two Persons or Either of Them.
- Question 360. The holder of a deposit receipt, on account of his age, procures a renewal receipt in favour of himself and wife or either of them, so that either may draw the ...
- 356 Joint Deposits.
- Question 361. We issue a deposit receipt undertaking to account to AB and CD or either of them, for a certain sum and interest. In the event of the death of one, should we not require the ...
- 357 Joint Deposits.
- Question 362. John Billings opens a savings bank account in the name of John Billings and Mary Billings or either. John Billings dies. Is the bank justified in paying the ...
- 358 Joint Deposits.
- Question 363. One partner in a firm having a current account with a bank dies. Is the surviving partner entitled to draw the balance ? If he should continue to make deposits in the name ...
- 359 Joint Deposits.
- Question 364. Deposit receipts and savings bank deposits are often payable to either of two parties. Is this sufficient, or would the following (from the rules of a bank in India) be ...
- 360 Joint Stock Companies—Authority of Officers to Accept
- Bills. Question 365. With further reference to the above, the secretary-treasurer of a limited company accepted drafts on its behalf. On enquiry to the president as to his ...
- 361 Bills Accepted by Attorneys and Officers of Incorporated
- Companies. Collecting Agent's Responsi-bility for Regularity of acceptance. Question 366. (1) A bank received for collection a bill of exchange drawn on an incorporated company; ...
- 362 Joint Stock Companies—Limitation of Borrowing Powers.
- Question 367. The amendment of the company's Act passed by the Dominion Parliament last year, says, that the limitation on the borrowing powers of the company shall not apply to or ...
- 363 Form of Notes Given by Joint Stock Companies.
- Question 368. (1) What is the proper wording of a note to be given by a limited company (say The A.B.C. Co., Limited) to a bank? (2) A note reads We promise to pay, ...
- 364 Joint Stock Companies—Powers of Officers.
- Question 369. The shareholders of a company incorporated in Ontario pass a by-law authorizing the directors to appoint a president and other officers, and declaring that the president is ...
- 365 Joint Stock Company—Transfer of Shakes without Directors'
- Consent. Question 370. The by-laws of a joint stock company forbid the transfer of stock by shareholders without the consent of the directors. Would a transfer of paid-up stock be ...
- 366 A Curious Case.
- Question 371. A draft, in duplicate, is purchased from a bank in Canada, by John Smith, payable to himself and drawn upon its own branch in a United States city. Payee is murdered in ...
- 367 Answer.—Pay the money into a Canadian court. Bank Notes and
- Legal Tenders. Question 372. Is a private individual forced to receive payment of a debt in bank notes, or may he demand legal tenders in any amount? Answer.No ...
- 368 Letters of Credit—Transferability.
- Question 373. Is the right to draw under the ordinary letter of credit, issued by a Canadian bank, transferable by an endorsement on the credit to the following effect: For value ...
- 369 Letters of Probate—Duty of Bank in Connection
- therewith. Question 374.Sub-section 3 of section 84 of The Bank Act protects a bank which pays over a deposit not exceeding $500 in pursuance of and in conformity to ...
- 370 Lien Notes.
- Question 375. Referring to the case of Dominion Bank v. Wiggins, reported at page 80 of Vol. 1 of the Journal, and to the comment on the case at page 2 in which you express the opinion ...
- 371 Unregistered Lien Note in the North-West Territories.
- Question 376. Is a lien note made in the North-West Territories negotiable as a promissory note when not registered? i.e., can a holder for value sue a previous endorser in his own name ? ...
- 372 Life Policies as Security.
- Question 377. A bank holds an insurance policy for $5,000 upon the life of a customer (properly assigned to it and acknowledged by the company) as security for advances. The customer ...
- 373 Life Insurance Policies Issued by Friendly Societies.
- Question 378. Can a life insurance policy in a friendly society be transferred to a chartered bank as collateral for advances ? Answer.The answer to this question would ...
- 374 Notice to Limited Company—"Ltd." Omitted from
- Address Question 379. In sending a notice through the post to a limited company, would the omission of Ltd. from the address on the envelope effect the ...
- 375 Limited Liability Companies.
- Question 380. (1) Why are limited companies not required to publish a list of shareholders and to afford information as to their subscribed and paid-up capital, the directors authorized ...
- 376 Use of Abbreviation " Ltd." on Bill of Exchange Given by
- a Limited Company. Question 381. If an incorporated company signed paper, i.e., notes, drafts, or cheques, with the word limited abbreviated so as to read Ltd....
- 377 Lost Deposit Receipts.
- Question 382. In the case of a lost deposit receipt, should the depositor be required to furnish a bond before paying the amount? Answer.A deposit receipt is not ...
- 378 Lost Drafts.
- Question 383. A purchases from a bank at Toronto a draft on its Montreal office, which is lost in the mails. A asks the bank for a duplicate draft, offering to give them a bond of ...
- 379 Endorsed Note Lost in the Mails and not Presented foe Payment on
- Date of Maturity. Question 384. A customer deposits with the bank a note for collection, on which there is a good endorser. The note is payable at a distant point, and when ...
- 380 Married Woman—Bank Account in Her Spinster Name.
- Question 385. What is the best way to transfer a bank balance standing in the name of a spinster to her married name? Is a declaration of transmission an actual necessity? ...
- 381 Wife's Control of Her Separate Estate.
- Question 386. A bank holds a bond securing a standing overdraft up to a certain limit. Bondman dies, and it is suggested that the customer give a demand note in favour of his wife as ...
- 382 Bill of Exchange Payable to a Married Woman in the Province of
- Quebec. Question 387. May a cheque or bill, payable to a married woman residing in the Province of Quebec, whether she has or has not a marriage contract, be properly paid or ...
- 383 Wife's Endorsement Invalid in Quebec.
- Question 388. A married woman holding property in her own right endorses a note as an accommodation endorser. Could a bank, having discounted same for the promissor, collect from her? ...
- 384 Documents Payable to Married Women in their Maiden Names.
- Question 390. (1) Mrs. Smith's maiden name was Mary Jones. She presents to a bank for payment a cheque payable to Mary Jones. Has she authority to endorse Mary Jones. <...
- 385 Married Women in Province of Quebec—Bank Deposit.
- Question 891. A married woman in the Province of Quebec has a deposit in a bank. Can it be seized under judgment against her husband? There is no marriage contract. Answer.&#...
- 386 Married Woman in Province of Quebec—Right to Operate a Bank
- Account. Question 392. Can a married woman (in the Province of Quebec) operate a bank account without the authority of her husband, even when living in community with him, ...
- 387 Married Women—Power of Attorney Given before Marriage.
- Question 393. A Miss Smith has a store. She marries, and the day before her marriage she gives a power of attorney, witnessed by an unmarried woman only, to her sister, Miss M. Smith. ...
- 388 Married Woman's Property Act—Warehouse Receipts and
- Securities under Section 74. Question 394. (1) How will the recent amendment to the Married Woman's Property Act affect the position of a married woman in respect to ...
- 389 Married Woman's Separate Estate.
- Question 395. Does a married woman who has separate estate render that estate liable when she signs a note with her husband, or has she to sign another paper showing she intended to make ...
- 390 Cheque Drawn to " Order " Altered to " Bearer
- by Drawer after Being Marked Good. Question 396. A cheque drawn payable to John Smith or order is marked good by a bank, specially to pay a pressing claim of John Smith's. ...
- 391 Agreement to Maintain Minimum Free Balance—Account Drawn
- below Stipulated Amount. Question 397. A current account bears interest at 3 per cent., $10,000 to be free. If the balance should run below that amount, say to $4,000, would you ...
- 392 Deposit in Name of Deceased Minor.
- Question 398. A minor (resident in Ontario) dies leaving a balance in savings bank. Can the father of such minor draw the money ? What is the legal course to pursue ? Answer.&#...
- 393 Accounts in the Names of Minors.
- Question 399. What is the Ontario law relating to money deposited by minors? (2) Which would you advisethe opening of a savings banks account in the name of a minor, or ...
- 394 Power of Attorney to a Minor.
- Question 400. May one under age be lawfully appointed the attorney of a merchant to conduct his bank account ? Answer.Yes; the fact that he is under age does not ...
- 395 Money Found in the Public Department of a Bank.
- Question 401. A small sum has been found on the floor of the bank outside the counter. The party finding it has handed it to the manager, stating that he will consider himself entitled to ...
- 396 Delivery of Money Parcel Tendered after Banking Hours.
- Question 402. The agent of an express company, with which a special contract exists, brings to the bank office at 5 p.m. a parcel of money, and requests the one officer whom he finds ...
- 397 Money Parcel Receipted for by Express Agent in Bank's Own
- Office. Question 403. If a parcel of money is receipted for by the local agent of an express company in a bank's own office would the express company be legally responsible for ...
- 398 Prefix "Mrs." to a Signature.
- Question 404. Does the word Mrs., placed before a woman's signature as an endorsement; invalidate it in any way? Answer.No. The sole question in all cases is ...
- 399 Borrowing Powers of Ontario Municipalities.
- Question 406. Which of the items in the appended abstract of expenditure of a township would be classed under the head of ordinary current expenditure for the purpose of ...
- 400 Powers Of Quebec Municipalities To Tax Banks.
- Question 407. Has a town corporation in the Province of Quebec power to levy a business tax on banks ? Answer.We are advised that the Municipal Act of the Province of ...
- 401 Cheque Issued by Treasurer of a Municipality—Instructions to
- Stop Payment Given by a Councillor. Question 408. An account is passed by a town council and a cheque issued in regular form. Before presentation, the bank receives verbal ...
- 402 Negligent Persons—How they should be Dealt with.
- Question 409. What is the best way to deal with parties who are negligent about business matters and never accept drafts in required timewho never attend to their notes when due ...
- 403 Negotiable Instruments—Form.
- Question 410. (1) Is a document in the following form a negotiable instrument? Upon being endorsed by the secretary or president of the M Agricultural ...
- 404 Referred to Elsewhere.
- Question 411. A paper dated at St. John signed by a person residing at a distance, and made in the form of a cheque, but having the name of the bank upon which it is drawn, erased, is ...
- 405 Cheque on an American Bank " Payable in New York
- Exchange. Question 412. The A Co. and the B Co., the first having headquarters in Canada, the latter in the United States, are really one and the same corporation, with the ...
- 406 Notarial Charges.
- Question 413. Can you inform me what the legal notarial charges are in connection with the protesting of notes in the various provinces? There seems to be a wide range of difference among ...
- 407 Note Bearing Interest from Date of Note " till Paid "
- Rate Collectible after Maturity. Question 414. Referring to your answer to Question 451, I have read a decision of the courts to the effect that the words until paid&...
- 408 Promissory Note Containing Pledge of Security, Etc.
- Question 415. Would an instrument drawn in the form following be judged a valid promissory note in Canada, or would the pledge of collateral security included in the note bring it under ...
- 409 Note Crossed " Given for a Patent Right " and Payable at
- the Office of Maker's Bankers. Question 416. Is a bank justified in charging to a customer's account a note of that customer which is crossed given for a patent right, ...
- 410 Note Dated on Sunday.
- Question 417. A contract made on Sunday is void. Supposing a note dated on Sunday falling due is not paid, can the maker release himself of the obligationor if the ...
- 411 Demand Note with an Endorser Held as Collateral Security.
- Question 418. Under section 85 of Bills of Exchange Act it is provided that where a note payable on demand has been endorsed, and with the assent of the endorser delivered as a collateral ...
- 412 Note Drawn to Maker's Own Order and Endorsed by Him.
- Question 419. Is there any objection to notes being made payable to the order of the maker and endorsed by him instead of being made payable to the party to whom they are given? ...
- 413 Promissory Note.—Effect when Made Payable "with Bank
- Charges. Question 420. Is it proper to make payable with interest or with bank charges ? Answer.We doubt if a note drawn ...
- 414 Note Endorsed by B " without Recourse " — Suit
- Brought in Name of B by Subsequent Holder. Question 421. A gives note to B, who endorses without recourse and passes same to C for value received. C sues in name of B ...
- 415 The Maker of an Endorsed Note Assigns His Estate for the Benefit
- of CreditorsShould the Note be Protested without Waiting for Maturity ? Question 422. The maker of a note (discounted for a customer-payee) becomes insolvent. The note is ...
- 416 Endorsed Note Lost in the Mails and not Presented for Payment on
- Date of Maturity. Question 423. A customer deposits with the bank a note for collection, on which there is a good endorser. The note is payable at a distant point, and when ...
- 417 Note Endorsed by B with Waiver of Protest Paid by B at Maturity,
- Marked Paid by Holder, and afterwards Re-circulated by B. Question 424. A makes note in favour of B. B endorses same and waives protest, etc. At maturity B has to ...
- 418 Note Form with Engraved Figures " 189 "—Alteration
- to 1900. Question 425. We have a number of note forms with the figures 189 printed on them. Would you consider the initials of the parties necessary if these figures were struck ...
- 419 Note Drawn in Favour of a Bank with no Place of Payment
- Specified. Question 427. A joint and several note made by three parties is drawn in favour of a bank, but there are no words indicating that it is payable to its order or to ...
- 420 Joint and Several Note Charged after Maturity to the Account of
- One of the MakersRates of Interest Chargeable for the Time Over-due. Question 428. A and B are liable jointly and severally on a note which has been discounted by the bank, ...
- 421 Joint and Several Note Payable " within 30 Days of Demand of
- Payment. Question 429. Is there any legal objection to a note drawn in the following form: Within 30 days after demand of payment for value received we ...
- 422 Has an Account in Funds.
- Question 430. A joint and several promissory note made by three parties is presented at maturity at the bank where it is payable and where one of the parties has an account with ...
- 423 Joint and Several Promissory Note—Right of a Bank as Holder
- to Charge to Account of One of the Promissors. Question 431. A bank holds the joint and several note of A, B C payable on demand. Demand is made and the note dishonoured. ...
- 424 Note Made by a Firm and Guaranteed, or Endorsed, by the Individual
- Partners, or Vice Versa. Question 432. A bank has discounted for a firm a note made by the individual partners and endorsed by the firm. The firm and the individual partners ...
- 425 Authority of an Executor to Give a Renewal of a Note Made by the
- Testator. Question 433. The executor of an estate endorses, Estate of C. B. by A. D. executor, on renewal of a note current ...
- 426 " No Protest " Instructions in Letter Enclosing a Note,
- but not Attached to Note Itself. Question 434. A letter is sent containing a promissory note for collection, with instructions not to protest, but such instructions are not ...
- 427 Promissory Note. Not always Discharged by the Surety's Payment
- thereof. Question 435. A joint and several promissory note is made by three promissors, one signing as surety, the other two being the debtors. The surety has to pay the note; can ...
- 428 Claim on Estate for Paper Endorsed by Insolvent.
- Question 436. A bank holds business paper endorsed by and discounted for a customer who has assigned. The paper will probably all be paid, although the parties may ask some renewals. ...
- 429 Promissor and Endorser both Bankrupt—Right or Holder to Bank
- on their Estates. Question 437. A and B are holders of a note, the promissor and endorser on which are both bankrupt. After a lapse of time each estate pays a dividend (or ...
- 430 Past-Due Note with Two Promissors Held as Collateral to a Renewal
- Note Taken from One of them. Question 438. A note was discounted by a bank on which were two joint promissors, one of the two, to the knowledge of the bank, having added his name ...
- 431 Note Payable at a Branch Bank—Branch Closed and Business
- Transferred elsewherePresentment. Question 439. A note is payable at a branch of a bank at A., but after the making and before it is due, the branch at A. is closed and the ...
- 432 Note Payable "On ok Before" 1st July.
- Question 441. Would a promissory note made payable on or before 1st July come within the terms of the Bills of Exchange Act? Answer.We think such a note is &...
- 433 Note not Payable to " Order" or "
- Bearer. Question 442. A note is drawn payable to John Jones simply, the words order or bearer being omitted. Is such a note ...
- 434 Note with Endorsement of Third Party Placed thereon before
- Endorsement of Payee. Liability of Former to Holder in Due Course. Question 443. A promissory note has been endorsed by John Smith before John Brown, the payee, has ...
- 435 Note Payable with Bank Interest.
- Question 444. Please inform me if a note drawn payable with bank interest is strictly correct ? Would you consider the fact of its being drawn with bank interest as throwing any doubt as ...
- 436 Note Payable with Interest—Failure of Bank to Collect
- Interest. Question 445. A teller in a bank takes from a customer some notes for collection and at his request initials the passbook by way of receipt for the same. The notes are ...
- 437 Note Past Due—Right of Holder to Interest if not-Mentioned
- in the Note. Question 446. Can interest be legally collected on a promissory note after note becomes due, no mention of interest having been made on note, said note six months ...
- 438 Renewal of a Note without the Surrender of the Original.
- Question 447. John Smith and Henry Jones are promissors on a note. At maturity a renewal note is taken bearing John Smith's signature only, the old note being retained, however, ...
- 439 Renewal Note—Original Note Bearing an Endorsement
- Retained. Question 448. Would an insolvent's estate be discharged if a bank renewed a bill endorsed by the insolvent, taking the maker's own note and retaining and attaching ...
- 440 Note Bearing Accommodation Endorsements Renewed by a Bank with One
- Endorsement Omitted. Question 449. A bank discounted for the promissor a note with three endorsers (accommodation). When this note becomes due the bank receive through the mails a ...
- 441 Request for Payment of a Note Sent to the Maker in an Unsealed
- Envelope. Question 450. A bank notifies the promissor on a note held by it, requesting payment. The envelope containing the notice was not sealed. Can the party claim damages from ...
- 442 Note Signed by Two of Three Executors.
- Question 451. When there are three executors appointed to manage an estate, could any two of them, without consulting the third, make the estate responsible by attaching their names as ...
- 443 Note with Date and Place of Payment Blank.
- Question 452. If in a note the date and place of payment are omitted, may the holder insert them? Answer.It would be a material alteration within the terms of the Bills ...
- 444 Promissory Note with Joint and Several Makers, One of the Makers
- Being really a Surety for the OtherProtest. Question 453. Is it necessary to protest a note drawn in favour of a bank by joint and several promissors, one of whom is really ...
- 445 Promissory Note with a Memorandum Embodied therein, of the Purpose
- for which it was GivenNegotiability. Question 454. A promissory note bears (1) on one corner the words To be used as collateral security. (2) In the ...
- 446 Note with Joint and Several Promissors, One Being in Reality a
- Surety, Held Overdue. Question 455. B and C are joint and several promissors on a note held by A, it being known that 0 is in fact a surety, B being the real debtor. The note ...
- 447 Joint and Several Note—Maker's Right as Surety.
- Question 456. A, for B's accommodation, joins with the latter as joint and several maker of a note in favour of C. At the time of its delivery to C the latter has notice of the relation ...
- 448 Note with Two Makers, One being in Fact a Surety— Right of
- Surety to Compel Suit. Question 457. C and Company hold a joint note of A and B, which is dishonoured. Can B, who is in fact a surety for A, compel the holders to sue A for the ...
- 449 Renewal of a Joint and Several Note, the Old Note being
- Retained. Question 458. A bank accepts a renewal of a joint and several note with one of the original names dropped, but retaining the original note. Further renewals of the same ...
- 450 Note with Joint and Several Makers—One Signing for the
- Other's Accommodation. Question 459. A for B's accommodation joins with the latter as joint and several makers of a note in favour of C. At the time of its being negotiated to C, ...
- 451 Note with Two or More Endorsers Discounted for the Last Endorser,
- with Waiver of Protest, Etc. Question 400. A note is discounted by a bank for a customer who endorses it, waiving protest, notice and demand of payment. There is a prior endorser ...
- 452 Note Delivered without Endorsement.
- Question 461. (1) Is the maker of a note which is overdue protected in the payment of the same, to any one presenting it, upon having note delivered up to him without the endorsement of ...
- 453 Notes and Cheques of a Customer Charged at Maturity to His Savings
- Bank Account without Special Authority. Question 462. Would a bank be upheld in law in charging up acceptances and notes as they mature to a customer's account in the savings ...
- 454 Note Embodying a Contract Respecting Shares Lodged as Security for
- Payment. Question 463. Is the following a legal form of promissory note? $3,000. ...
- 455 Notice of Customer's Death.
- Question 464. Re sec. 74, Bills of Exchange Act: (1) What constitutes notice of a customer's death? (2) Would a bank be justified in refusing payment on the strength of one of its ...
- 456 Death of a Customer—What Constitutes Notice.
- Question 465. If mention of the death of a customer appears in the daily papers, would this in itself constitute notice under sec. 74 of the Bills of Exchange Act ? If the notice had not ...
- 457 Time within which Notice or Dishonour May be Sent.
- Question 466. Referring to the section 49 Bills of Exchange Act, do notices of dishonour mailed at any time on the next day following due date, meet the requirements of the law as fully ...
- 458 Notice of Dishonour.
- Question 467. Is it necessary, if a draft be drawn by A on B to the order of bank C, that notice of dishonour be given to the drawer to render him liable? Answer.Such a ...
- 459 Notice of Dishonour Sent to Endorser by Letter.
- Question 468. Would notifying an endorser by registered letter that a note had not been met by his promissor and that he was looked to for payment, hold him the same as if the note had ...
- 460 Notice of Dishonour—Makers of a Note Who Are also
- Endorsers Question 469.Is it necessary to send notices of dishonour to the endorsers of a note on which they are also the promissors ? Answer.They would be held as ...
- 461 Notice to Limited Company—"Ltd." Omitted from
- Address. Question 470. In sending a notice through the post to a limited company, would the omission of Ltd. from the address on the envelope affect the ...
- 462 Notice to Obligants on Discounted Paper.
- Question 471. It has become a custom of the banks in this Province (British Columbia) to send out notices of maturity to acceptors of drafts and makers of notes. Does this custom extend ...
- 463 " Noting " Dishonoured Bills.
- Question 472. (1) A bank hand a dishonoured bill to their notary for noting pending an expected settlement in a few days. (a) Should notary attach long declaration of noting in accordance ...
- 464 Partial Payment or a Bill—Should a Bank Accept.
- Question 474. Is there any law relating to part payment of a bill (by promisor or acceptor or his agent) held by a collecting agent? A case came to my notice where a part payment was left ...
- 465 Memoranda of Partial Payments on a Cheque.
- Question 475. A. gives his cheque to B. in payment of a debt, and B. endorses to C. The cheque is dishonoured. A., later on, makes partial payments in respect of the debt represented by ...
- 466 Surviving Partner's Right to Operate the Firm's Bank Account.
- Question 476. Is the surviving partner of a firm legally entitled to operate the banking account of the firm upon the death of his partner, notwithstanding the absence of any agreement to ...
- 467 Liabilities of Partners—Guarantee Bonds.
- Question 477. A gives a bank a guarantee securing advances made to C. A afterwards enters into co-partnership with C under the style of C Co. How does this effect the guarantee? Is ...
- 468 Restriction in a Deed of Partnership.
- Question 478. If by the terms of the deed of partnership special restrictions are fixed as to the mode in which the partnership may be bound, would these affect the bank in the absence of ...
- 469 Non-trading Partnership — Individual Liability on Paper
- Endorsed by and Discounted for the Firm. Question 479. Is it necessary that a firm of solicitors should sign and register a certificate of partnership such as is required in case ...
- 470 Non-trading Partnership—Liability of Partners.
- Question 480. To what extent are partners in a non-trading partnership liable to a bank: 1. In respect to an endorsement made by one member of the firm on a note given to ...
- 471 Note Given by Trading Firm—Obligations of the Firm and the
- Partners Individually. Question 481. Two partners in a trading firm wish to borrow a sum for use in their business, and give the bank a promissory note signed by both individually ...
- 472 Power of Attorney Signed by One Member of a Firm.
- Question 482. Are the acts of an attorney under a power signed by one member of a firm binding on the other members, or should all sign it? Answer.A power of attorney ...
- 473 Bills Requiring Presentation by Mail—Power of Attorney in
- Favour of a Bank Manager, to Accept, Signed by a Firm by One of the Partners. Question 483. A bill is drawn on a firm doing business at a point where there are no banking ...
- 474 What Constitutes Partnership.
- Question 484. Should a private banking firm, whose business is confined strictly to private banking, register a certificate of the co-partnership, under cap. 152, E. S. 0.? ...
- 475 Paid Cheques.
- Question 485. Has a bank a legal right to retain paid cheques ? Answer.In the absence of any special agreement, we think the customer is entitled to receive back his paid ...
- 476 Pass-Books—Current Account and Savings Bank.
- Question 486. (1) Is there any legal reason whereby a savings bank pass-book is different from an ordinary current account pass-book? (2) If not, why is there ...
- 477 Pass-Books by Mail.
- Question 487. Could we not get legislation under which pass-books, with or without vouchers, could be sent by book-post instead of letter-post? Answer.Such a ...
- 478 Past-Due Note with Two Promissors Held as Collateral to a Renewal
- Note Taken from One of them. Question 488. A note was discounted by a bank on which were two joint promissors, one of the two, to the knowledge of the bank, having added his name ...
- 479 Payment in Error—Should Amount be Refunded.
- Question 489. A draft for collection was accepted for less than face, but charged to drawee's account as for full face in error. Bank from whom received refuse to refund amount overpaid. ...
- 480 Payments Made on Legal Holidays.
- Question 490. A gives his cheque to B in payment of an indebtedness on the evening preceding a legal bank holiday. The bank remains open for the transaction of business on the holiday, ...
- 481 Appropriation of Payments.
- Question 491. M Co. are in the habit of discounting with their bankers sight drafts against shipments of produce to the United States. One of the drafts for $75, was returned ...
- 482 Perpetual Ledgers.
- Question 492. Are perpetual current account ledgers under any legal disability? Answer.If by perpetual ledger is meant one from which the leaves can be ...
- 483 Place op Payment of a Bill—Blank Form of Acceptance Showing
- Place of Payment. Question 493. In making drafts on their customers it is the habit of some houses to provide a blank acceptance on the draft, naming the place of payment, ready ...
- 484 Post-Dated Acceptance.
- Question 494. A bill of exchange payable one month after sight is presented for acceptance on the 12th January. The acceptor writes his acceptance across it, but adds as the date ...
- 485 Post-Dated Bills.
- Question 495. What risk, if any, does the bank run in discounting a note dated ahead of the day of discount? Answer.A post-dated bill is by sub-sec. 2, sec. 13 of the Bills ...
- 486 Power of Attorney Given by a Woman before Her Marriage.
- Question 496. A Miss Smith has a store. She marries, and the day before her marriage she gives a power of attorney, witnessed by an unmarried woman only, to her sister, Miss M. Smith. ...
- 487 Power of Attorney Held by Brokers Authorizing Bank Officers to
- Transfer Bank Stock. Question 497. Is the manager justified in acting on a power of attorney from a shareholder of the bank, which authorizes him to sell and transfer certain of ...
- 488 Power of Attorney to a Minor.
- Question 498. May one under age be lawfully appointed the attorney of a merchant to conduct his bank account? Answer.Yes; the fact that he is under age does not ...
- 489 Attorney for a Person Trading under a Firm Name.
- Question 499. John Brown, who carries on business under the name of John Brown Co., gives a power of attorney signed John Brown only. Has the attorney power thereunder ...
- 490 Power of Attorney Signed by One Member of a Firm.
- Question 500. Are the acts of an attorney under a power signed by one member of a firm binding on the other members, or should all sign it? Answer.A power of attorney ...
- 491 Power of Attorney to Accept Bills in Favour of a Bank
- ManagerOmission to Accept. Question 501. The manager of a bank which holds a bill for collection receives from the drawee a power of attorney on the form in common use ...
- 492 Power of Attorney Authorizing a Bank Manager to Accept a Bill Held
- by the Bank for Collection. Question 502. A bill drawn at Bank B is sent to Bank A for collection. The manager of the latter procures from the drawee a power of attorney to accept ...
- 493 Prefix " Mrs." to a Signature.
- Question 503. Does the word Mrs., placed before a woman's signature as an endorsement, invalidate it in any way? Answer.No. The sole question in all cases is ...
- 494 Collections Requiring Presentation by Mail.
- Question 504. We receive for presentation a draft drawn by a firm in England on a party resident in a village adjacent to our office, from which there is a daily mail to this city, ...
- 495 Collections Requiring Presentation by Mail.
- Question 505. Referring to the previous answer, will you be kind enough to give a somewhat fuller opinion in this matter, as it is one which is continually cropping up. You say, '' The ...
- 496 Bills Requiring Presentation by Mail—Power of Attorney in
- Favour of a Bank Manager, to Accept, Signed for a Firm by One of the Partners. Question 506. A bill is drawn on a firm doing business at a point where there are no banking ...
- 497 Presentation for Acceptance—Time in which to be Made.
- Question 507. Could not something be done to effect a change in the law which holds banks responsible for payment of a draft if not presented for acceptance within forty-right hours ? It ...
- 498 Draft not Presented by Collecting Agents on Date of Maturity.
- Question 508. Brown Co., of Montreal, draw a draft on Jones, of Hamilton, through the A Bank. The latter send it to their agents, the B Bank in Hamilton, ...
- 499 Presentment for Payment not Excused by Request from Drawee to
- Return the Bill before Maturity. Question 509. A has accepted a draft held for collection by Bank C, payable at Bank B, and the clay before it falls due he instructs Bank C to ...
- 500 Account of a Company Operated in the Name of the Company's
- Agent. Liability of the Company. Question 510. An account is opened in the name of John Adams, the cheques on which bear above his signature the name of a mining company. He is ...
- 501 Liability of an Agent for Transactions on the Company's
- Behalf. Question 511. Is the properly authorized agent or official of any company personally liable for transactions on the company's behalf which are within his powers? ...
- 502 Trust Funds Deposited in a Private Bank.
- Question 512. A solicitor or trustee deposits a client's money in a private bank, without instructions from the parties interested. In case of loss would he be held personally ...
- 503 Collections Sent to Private Bankers.
- Question 513. A current account customer brings in a note for collection, made payable at a private banker's office in a place where there is no chartered bank. He is told that the ...
- 504 Section 74 Bank Act—Inapplicable to Private Bankers.
- Question 515. Would an assignment of merchandise to a private banking firm drawn in the form provided in Schedule C to the Bank Act, 1890, hold good against judgment creditors of the ...
- 505 Hour at which Bills mat be Protested.
- Question 516. Can a cheque be protested for non-payment before three o'clock on the day of presentation ? Answer.A formal protest of a bill or cheque cannot be effected ...
- 506 Hour At Which A Note May Be Protested.
- Question 517. Is it legal to protest a note at one o'clock on Saturday? Are we not bound to waif till three as on other days? Answer.A protest cannot be made on any day ...
- 507 Protest—Hour for.
- Question 518. A cheque is presented for payment by another bank at 10 o'clock, and payment is refused. Could their notary present and protest immediately thereafter? Answer.&#...
- 508 Protest of Bills.
- Question 519. Do the laws on banking customs relating to the protesting of bills of exchange for non-acceptance and non-payment differ as between Canada and the State of New York? <...
- 509 Protest—Error in the Notice as to Place of Presentment.
- Question 520. A note payable at Bank B was handed to the notary by Bank A for protest. It was duly presented, and notice of dishonour given in the ordinary form. In the Act of Protest ...
- 510 Provincial Government Cheques.
- Question 521. In view of section 103 of the Bank Act, must banks collect Provincial Government cheques at par? Answer.Section 103 of the Bank Act does not apply to cheques ...
- 511 Receipts of Railways—Their Value.
- Question 522. City miller bought wheat from village grain merchant f.o.b. at village. Bill of lading and draft attached sent to city bank. Buyer states wheat unloaded 50 bushels short. ...
- 512 Refusal to Pay Money to Depositor under Influence of Liquor.
- Question 523. Can a depositor under the influence of liquor legally draw his money out of his savings bank account ? Has such a depositor any ground for action against the bank ...
- 513 Refusal of Bank to Pay Customer's Cheque for which there are
- funds. Question 524. May the teller of a bank refuse to cash a cheque which is correct in every particular and for which there are funds ? The case in mind is one where the teller ...
- 514 Right of Bank to Set-off an Overdue Note of a Deceased Debtor
- against a Deposit made by His Executors SUBSEQUENTLY TO HIS DEATH. Question 526. A bank holds a promissory note of a deceased party. After the promissor's death his wife, having ...
- 515 Rights of the Holder of a Cheque against the Drawee Bank.
- Question 527. In your reply to a former question you say that the acceptance by banks of cheques for part of their amount would as a practice be open to objection. Would you kindly state ...
- 516 Canadian Banker's Association Rules Respecting Endorsements.
- Question 528. (1) Do the following endorsements require the guarantee of the depositing bank under the rules? (a) John Smith p. Tom Jones (b) The Winnipeg Marble Company William Brown. In ...
- 517 Rules Respecting Endorsements—Endorsement by Limited
- Companies. Question 529. Items are frequently deposited bearing the stamped endorsement of limited companies consisting of the company's name alone, without the name of any ...
- 518 Savings Bank Receipts—Payment to Holder.
- Question 530. A savings bank depositor signs a receipt in the usual form, but loses it in the street. The finder presents it at the bank where the account is kept and gets the money. ...
- 519 Use of Title " Savings Bank " by a Loan Company.
- Question 531. Is the use of the title Savings Bank by a loan company an infringement of the Bank Act under section 100? Answer.We think that the use of the ...
- 520 Orders Drawn by Firm of Lumbermen on Themselves, Payable on
- Demand. Question 532. Do orders drawn by a firm of lumbermen, or their agent at one of their depots, on themselves at their head office or on another depot, and payable to bearer ...
- 521 Security Given by the Maker of a Note to an Accommodation Endorser
- and Assigned by the Latter to the Holder of the Note. Question 533. A bank has discounted for A a note endorsed by B. A assigned to B a mortgage to secure him for his endorsement, ...
- 522 Security Held by a Private Banker Pertaining to Notes Lodged as
- Collateral with a Chartered Bank. Question 534. A private banker advanced a farmer money, taking notes which he pledged to a chartered bank. Later he took a deed of the farmer's ...
- 523 Security Lodged by Promissor of a Note—Payment of Note by an
- EndorserRight of Latter to Acquire Possession of the Security and to Transfer it. Question 535. The bank holds for a certain note security from the promissor, which at the ...
- 524 Mortgage Security Taken by a Bank in Pursuance of a Promise Made
- when the Money was Advanced. Question 536. A customer presents his note to a chartered bank for discount and offers to give at once a mortgage as security. He is told that it is ...
- 525 Mortgage Security Taken by a Bank to Secure a Current Loan.
- Question 537. Can a bank take a mortgage to secure a current loan? In event of a mortgage being taken to secure a current loan, must this then be considered as past due within ...
- 526 Mortgage Security Taken by a Bank to Secure Old as well as New
- Advance. Question 538. A bank demands security for an existing loan, which the debtor agrees to give if a further loan is made to him. This is agreed to, and he gives a mortgage ...
- 527 Security on Standing Timber.
- Question 539. In what form should security on standing timber and timber licenses be taken under chapter 26, 1900, section 16? This section has been placed in the copy of ...
- 528 Proper Application of Collateral.
- Question 540. A's note for $200 endorsed by B is discounted by a bank, and, upon dishonour, is paid by B the endorser. Before maturity of the note, A gives the bank a mortgage to secure ...
- 529 Security under Section 74, Bank Act, on Cattle at Large on- Public
- Range. Question 541. A, who is a wholesale dealer in live stock in the North-West Territories, applies to a chartered bank for an advance. They take security upon his cattle ...
- 530 Security under Section 74 of the Bank Act—Advance by Bank to
- take up a Trade Bill Held by it under Discount. Question 542. A draft at ten days' date on A, who is a customer of the hank, drawn by B, is sent by ...
- 531 Right or a Bank to Set off a Balance at Credit of a Customer's
- Account, against a Matured Note on which the Latter is an Endorser or Promissor. Question 543. A bank's customer dies leaving a balance at credit of his account, which is believed ...
- 532 Right of a Bank to Hold Balance at Credit of a Customer's Account
- as Security for an Unmatured Note. Question 544. A bank discounts a note with its customer's endorsement. Before the note matures the customer dies. Has the bank the right to hold ...
- 533 Shareholder's Rights to Inspect the Books of a Corporation.
- Question 545. Has a shareholder in a bank or corporation a right to see the minutes of the board meetings ? Answer.No. As far as shareholders in banks are concerned they ...
- 534 Signature By Attorney----Correct Form Of.
- Question 546. Which is correct of the following forms of signature by an attorney: A.B. A.B. &...
- 535 Form of Endorsement by Attorney.
- Question 547. Does a power of attorney authorizing John Jones (not a member of the firm) to sign cheques for Smith Co'y, entitle him to sign the firm name without adding his own ...
- 536 Witnessing a Signature by Mark.
- Question 548. What does witnessing a man's mark imply, identification of the man, or merely that the witness saw the mark made ? Answer.Where the person making the ...
- 537 Witnessing Signature.
- Question 549. Is it wise for the officials of a bank to witness the signature by mark of a customer on a voucher for the withdrawal of a deposit? Answer.It is better to ...
- 538 Signature of a Company without the Name of the Signing
- Officer. Question 550. Where a party trades under the name of a company, as for instance, The Canadian Iron Company, is it sufficient for him to use the name of the ...
- 539 Stamped Signatures.
- Question 551. The Supreme Court of Pennsylvania recently held that the fact that a bank depositor had procured a rubber stamp which made a facsimile of his signature, was insufficient ...
- 540 Statute of Limitations.
- Question 552. A note was due February 10th, 1897. Will the Statute of Limitations protect you if action is taken February 11th, 1903, or must it be entered in Court on or before February ...
- 541 Item Standing foe Seven Years.
- Question 553. A customer's account shows a debit entry outstanding for seven years. Assuming it to be a marked cheque, has the obligation of the bank to pay it ceased under the Statute of ...
- 542 It Depends upon Circumstances.
- Question 554. When a party's whereabouts cannot be ascertained, and a note against him is entered in court to prevent it from becoming outlawed, what is the limit of time allowed before ...
- 543 Sterling Draft on London, Enfaced Payable at a Bank in San
- Francisco. Question 555. If a bill is drawn in sterling from Dunedin, N. Z., on London, England, and enfaced payable at the Bank of in San Francisco, ...
- 544 Value of 30 and 90-Day Steeling Bills Based on the Bate for Demand
- and 60-Day Bills. Question 556. The current rate for demand sterling bills is 9 7-8 and for 60 days 9 1-8. What should a 90-day bill and 30-day bill be worth at the same time, and ...
- 545 Bank Stocks Held "in Trust"—Trustees and the
- Double Liability. Question 557. A trustee accepts a transfer of stock in a bank, describing himself as a trustee but without stating for whom. In case there should be a call for ...
- 546 Power op Attorney Held by Brokers Authorizing Bank Officers to
- Transfer Bank Stock. Question 558. Is the manager justified in acting on a power of attorney from a shareholder of the bank, which authorizes him to sell and transfer certain of ...
- 547 Stock in an American Bank Taken as Security for Advances Made by a
- Bank in Canada. Question 559. (1) Referring to sec. 64 of the Bank Act, may a Canadian bank legally lend money on the security of shares in an American bank? (2) If not, ...
- 548 Transfer of Stocks Held in Trust.
- Question 560. In Mr. MacLaren's work on banking, in commenting on section 43 of the Bank Act, he says: The person who stands in the books of the bank as the registered owner of ...
- 549 Stock Transfers.
- Question 561. Referring to Question 226, Article 1706 of the Civil Code of Lower Canada provides that an agent employed to buy or sell a thing cannot be the buyer or selle of it on ...
- 550 Stock Transfers.
- Question 562. (1) Is it legal for a person holding shares in a bank to transfer them to his own name in trust, and vice versa? (2) Can a firm transfer stock to one of ...
- 551 Succession Duties in Quebec—Bank Deposit.
- Question 563. A person dies, having a deposit with a bank in the Province of Quebec exceeding three thousand dollars. Can the executor or administrator transfer the amount before ...
- 552 Sunday—Note Dated on.
- Question 564. A contract made on Sunday is void. Supposing a note dated on Sunday falling due is not paid, can the maker release himself of the obligationor if the ...
- 553 Security Given by the Maker of a Note to an Accommodation Endorser
- and Assigned by the Latter to the Holder of the Note. Question 565. A bank has discounted for A a note endorsed by B. A assigns to B a mortgage to secure him for his endorsement, ...
- 554 Instructions by Wire " to Notify and Pay "—Neglect
- to NotifyLiability. Question 566. A New York bank instructs a Halifax bank by wire as follows: Notify and pay A, $1,000. Through oversight A was not notified, ...
- 555 Telegraphic Request to Hold Funds for a Cheque.
- Question 567. Do you consider it safe for a bank to hold funds which are at a customer's credit, on a telegraphic request from another bank which is about to cash the customer's cheque? ...
- 556 Telegraphic Transfers.
- Question 568. A bank at E. F.'s request sends this telegram to a correspondent: Notify and pay to A.B. ten thousand dollars to be applied on account of C. and D. bonds. The ...
- 557 Trust Companies.
- Question 569. Why do trust companies in Canada require such large paid-up capitals? How do they employ their money ? Answer. Trust companies doubtless find that their ...
- 558 Trust Funds Deposited in a Private Bank.
- Question 570. A solicitor or trustee deposits a client's money in a private bank, without instructions from the parties interested. In case of loss would he be held personally ...
- 559 Unclaimed Dividends.
- Question 571. Section 88 of the Bank Act requires a return to be made annually of all dividends which have remained unpaid beyond five years. Are not such dividends, as arrears of ...
- 560 United States Revenue Stamps.
- Question 572. Has a bank in the United States any right to require its Canadian correspondent to affix a United States revenue stamp to a draft upon it ? Answer.We think ...
- 561 United States Stamp Duty—Express Company Money Orders.
- Question 573. The express companies are not affixing a two-cent stamp to their orders payable in United States, allowing the payee to meet this expense. By this means they are attracting ...
- 562 Unpaid Bill Charged to Endorser's Account with Notice to Him, but
- without Protest. Question 574. Is not a banker justified in charging an unpaid bill to the endorser's account, provided there are funds, without first protesting it, if he ...
- 563 Liability of Vessel Owner for Cost of Cargo Purchased by the
- Master of the Vessel. Question 575. Can a master of a schooner, not being owner or part owner, make a vessel liable for the cost of a cargo of grain? If he buys a cargo, giving in ...
- 564 Time during which a Bank Should Preserve Vouchers.
- Question 576. By section 90 of the Bank Act it is provided that the liability of a bank to repay moneys deposited and interest, shall continue notwithstanding any statute of limitations ...
- 565 Note with Two or More Endorsers Discounted for the Last Endorser,
- with Waiver of Protest, Etc. Question 577. A note is discounted by a bank for a customer who endorses it, waiving protest, notice and demand of payment. There is a prior endorser ...
- 566 Section 74, Bank Act—Advances on Assignments and Warehouse
- Receipts Cleared Off from Proceeds of Bills of Exchange Negotiated by the Bank, and Representing a Sale of the Goods Held as Security. Question 578. A customer, who is a produce ...
- 567 Warehouse Receipts.
- Question 579. Is not the description of the place where goods are stored an essential point in a warehouse receipt? The statement of Mr. Lash in his article (Vol. II., p. 71 of the ...
- 568 Goods Hypothecated under Section 74.
- Question 580. In advancing money on security under 74, it is difficult to ascertain the amount of the goods hypothecated. Is the following a sufficient description: All the lumber (...
- 569 Section 74 again—Goods in Warehouse, etc.
- Question 581. A firm of commission merchants have as part of their business a large warehouse, part of which they use as a bonded warehouse. They sell on commission as agents for various ...
- 570 Warehouse Receipts for Goods in Bond.
- Question 583. In your reply to question 582 you say that no doubt it would be practicable in some way to get security for goods in bond, but that it cannot be by way of ...
- 571 Section 74, Bank Act—Loans to Farmers against Cattle.
- Question 584. (1) May a bank lend to a farmer against cattle under section 74 (2), Bank Act? (2) Would a farmer who buys and sells cattle in considerable numbers be considered a ...
- 572 Section 74, Bank Act—Meaning of "Wholesale"
- Dealer. Question 585. Section 74 of the Bank Act allows banks to take security from wholesale manufacturers, wholesale purchasers, shippers and dealers. Does this section admit of ...
- 573 Promise to Give Security under Sections 73, 74 and 75 of the Bank
- Act. Question 586. A grain dealer gives the bank a promise in writing to the following effect: In consideration of the bank making advances to me from time to time in ...
- 574 Security under Section 74 of the Bank Act—Written Promise to
- Give Security. Question 587. In the fall of the year a firm of lumbermen make application to a bank for advances to be made during the ensuing winter, to enable them to carry on ...
- 575 Warehouse Receipts.
- Question 588. Referring to pages 63 and 63, Vol. II., of the Journal, Mr. Lash states: The distinction between a debt and other liability is well known to the law. For instance, ...
- 576 Warehouse Receipts, Assignments, and Chattel Mortgages.
- Question 589. (1) Section 74 of the Bank Act appears to deal only with wholesale manufacturers, wholesale purchasers or shippers. Can a bank take from others security of the same kind and ...
- 577 Section 74, Bank Act—Inapplicable to Private Bankers.
- Question 590. Would an assignment of merchandise to a private banking firm drawn in the form provided in Schedule C to the Bank Act, 1890, hold good as against judgment creditors of the ...
- 578 Security under Section 74, Bank Act, on "all" the Goods
- in a Particular Place. Question 591. The security under section 74 which we have taken from our customers reads: All the lumber in our yard situated on Victoria ...
- 579 Security Taken for Current Advances.
- Question 592. Can banks legally take security under section 68 of the Bank Act, to secure current liabilities (business or accommodation paper under discount, but not yet matured). ...
- 580 Security under Section 74 of the Bank Act, Taken from a Wholesale
- Manufacturer and Wholesale and Retail Dealer in Cigars. Question 593. (1) Can a bank make advances to a wholesale dealer in tobacco and cigars, who is also a manufacturer of cigars,...
- 581 Security under Section 68 of the Bank Act.
- Question 594. Would section 68 of the Bank Act permit the taking of a mortgage on a vessel for a loan made simultaneously ? Answer.The section referred to authorizes a ...
- 582 Securities under Section 74 of the Bank Act.
- Question 595. A bank gives credit to a grain buyer, and arranges, for his convenience, to cash his grain tickets, taking a note and security under section 74 covering the grain, whenever ...
- 583 Security under Section 74 of the Bank Act.
- Question 596. A bank agrees to make an allowance to Brown Bros. on the security of hogs. The hogs are the property of the firm, but are in possession of Robert Brown, one of the partners. ...
- 584 Securities under Section 74 or the Bank Act.
- Question 597. Can a company having a Dominion charter borrow on the security of goods under section 74 of the Bank Act without limitation as to the amount? Answer.If the ...
- 585 Security under Section 74 of the Bank Act.
- Question 598. A bank advances money to buy hides, taking security on the same under section 74; the bank and the customer agree that the latter may manufacture them into gloves without ...
- 586 Security under Section 74 and Chattel Mortgage Acts.
- Question 599. In section 72 of the Bank Act a lien acquired by a bank on ships is subject to the law of the Province. No mention of the Provincial laws is made in section 74. Must ...
- 587 Security under Section 74 of the Bank Act.
- Question 600. A bank has made advances for which it holds security, under section 74, on logs on the banks of a certain river within a defined timber limit. The logs have to be removed in ...
- 588 Security under Section 74 of the Bank Act—Substituted
- Grain. Question 601. In the case of an advance secured by a pledge of grain, under section 74, would the security hold good against a seizure by the sheriff under execution, if ...
- 589 Warehouse Receipt Security Acquired for an Overdraft without a
- Written Promise. Question 602. A customer's account has been overdrawn for some days, an advance by way of overdraft having been granted without having a written ...
- 590 Warehouse Receipt Forms.
- Question 603. Is the following form of warehouse receipt good from a bank's point of view? It differs materially from the usual bank form: Received in store from A.B., 83 ...
- 591 Warehouse Receipts.
- Question 604. A, a resident of Ontario, sells to B a quantity of goods which B duly pays for, but asks A to keep for him until they are required. B. subsequently wishes to borrow on the ...
- 592 Warehouse Receipts Issued by a Limited Liability Company.
- Question 605. Are warehouse receipts given by a limited liability company legal? If so, who would be responsible if the receipts contained misstatements or were issued in fraud? ...
- 593 Warehouse Receipt for Grain, etc. Provincial Laws Limiting Right
- of Pledges to Hold. Question 606. The Quebec Statutes provide that where a warehouse receipt or bill of lading for grain, etc., is held as security, such grain, etc., shall not be ...
- 594 Warehouse Receipts, etc., Signed by Attorney.
- Question 607. (1) Do banks take warehouse receipts or assignments under section 74 of the Bank Act, signed by attorney ? (2) If the goods were made away with, could the principal ...
- 595 Warehouse Receipts Given under Ontario Mercantile Amendment
- Act. Question 608. A private banker acquires security on wheat in the owner's possession, by a warehouse receipt which is valid under the Ontario Mercantile Amendment Act. The ...
- 596 Acquisition of Warehouse Receipts or Bills of Lading.
- Question 609. Which do you think is the preferable method of acquiring title to warehouse receipts or bills of lading; a transfer by endorsement of the party to whom the goods are ...
- 597 Witnessing Signature.
- Question 610. Is it wholesome practice for the officials of a bank to witness the signature by mark of a customer on a voucher for the withdrawal of a deposit? Answer.It ...
- 598 Witnessing a Signature by Mark.
- Question 611. What does witnessing a man's mark imply, identification of the man, or merely that the witness saw the mark made? Answer.Where the person making the mark is ...
- 599 Rules And Regulations Respecting Clearing Houses.
- Made in Pursuance of the Powers Contained in the Act to Incorporate the Canadian Bankers Association. 1. The chartered banks doing business in any city or town, or such of them ...
- 600 Conventions And Rules Respecting Endorsements.
- Adopted by the Council of the Canadian Bankers' Association on the 36th February, 1898, under authority of a resolution passed at the annual meeting of the Association, 6th October, 1897. ...
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