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Free Books / Finance / Canadian Banking Practice / |  |
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Cheque Payable To J. C. Received And Cashed By Another J. C. - Responsibility Of Paying Bank |
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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 383. - J. B. sends his cheque by post, payable to J. C. at Indian Head, where J. C. lives. Another J. C. receives the letter from the post office and cashes the cheque at his bank. Upon whom does the loss fall?
Answer. - See sec. 49 Bills of Exchange Act. A "forged or unauthorized signature" being wholly inoperative, the loss falls upon the cashing bank.
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