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Free Books / Finance / Canadian Banking Practice / |  |
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Accounts In Names Of "A B, Sheridff,"And "C D, Trust Account" - Right Of A Bank To Charge Thereto Personal Acceptances |
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This section is from the book "Canadian Banking Practice", by John T. P. Knight.
This section is from the "" book, by .
Question 283. - If a draft is accepted by A B and C D individually, A B having an account styled "A B, sheriff" and C D a trust account, neither of them having an individual account, is it necessary for A B to accept it "A B, sheriff" and "C D, trust account," before the drafts may be charged to their respective accounts?
Answer. - It would not be safe for the bank to apply to payment of a draft accepted by A B and C D individually, effects deposited as stated, at all events without further authority than appears upon the face of the acceptance which prima facie it not to be considered as drawn against either of the accounts mentioned.
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