Question 50. - 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 looked upon as a demand item, and if refused by the bank upon which it is drawn, could it be legally protested? I am assuming that the cheque is presented for payment some-time between the date of same and date maturity according to proviso.

Answer. - Such a cheque as described is in effect a bill of exchange, payable after a certain date, and it is not only not obligatory on the bank to pay it before maturity, but if it did so it would incur a serious risk.