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Free Books / Finance / Canadian Banking Practice / |  |
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Cheque Made Payable At One Bank Cashed At Another Bank By Payee, Who Endorsed It - Payment Stopped By The Drawer - Notice Of Dishonour |
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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 321. - A teller cashed a cheque in an Ontario town drawn on a bank in Toronto. The cheque was sent for collection, but was returned without being protested, marked "Payment stopped." The payee of the cheque, who endorsed it, refuses to take it up. Can he escape on the ground that the cheque was not protested?
Answer. - If notice of dishonour were given and presentation and demand for payment made within the time prescribed by the Act, the payee cannot evade the obligation. Proper notice only is necessary, and protest is not essential, except in Quebec.
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