The document is a mere evidence of title – the things of value being the goods mentioned in the document. ND Bank should bear the loss if XM Bank returned the altered check to ND Bank within 24 hours after its discovery of the alteration. Under the given facts, William discovered the alteration when the altered check was returned to him after a month. It may safely be assumed that William immediately advised XM Bank of such fact and that the latter promptly notified ND Bank thereafter. Central Bank Circular No.9, as amended, on which the decisions of the Supreme Court in Hongkong and Shanghai Banking Corp v. People’s Bank & Trust Co and Republic vs CA were based was expressly cancelled and superseded by CB. No. 317 dated Dec 23, 1970. The latter was in turn amended by CB Circular No.580, dated Sept. 19, 1977. As to altered checks, the new rules provide that the drawee bank can still return them even after 4:00pm of the next day provided it does so within 24 hours from discovery of the alteration but in no event beyond the period fixed or provided by law for filing of a legal action by the returning bank against the bank sending the same. Assuming that the relationship between the drawee bank and the collecting bank is evidenced by some written document, the prescriptive period would be 10 years. (Campos, NIL 5th ed 454-455).Thanks for sharing Valuable Information and it's very helpful. Being Best Top ca Final institute in bangalore One of the Leading Coaching Centres in bangalore for Chartered Accountancy.
Thanks for sharing useful Information for the reasearch and it's very helpful. Variety: Individual invest in variety of products, unlike earlier when investor brought bonds, mutual funds and stocks for long term basis and sat on term. Now individuals can invest in stocks, stock options, mutual funds, individual, government, corporate, municipal bonds, various types of IRA account mortgages and even insurance.Being best ca coaching in hyderabad . One of the Leading Coaching Centres in Hyderabad for Chartered Accountancy.
The document is a mere evidence of title – the things of value being the goods mentioned in the document. ND Bank should bear the loss if XM Bank returned the altered check to ND Bank within 24 hours after its discovery of the alteration. Under the given facts, William discovered the alteration when the altered check was returned to him after a month. It may safely be assumed that William immediately advised XM Bank of such fact and that the latter promptly notified ND Bank thereafter. Central Bank Circular No.9, as amended, on which the decisions of the Supreme Court in Hongkong and Shanghai Banking Corp v. People’s Bank & Trust Co and Republic vs CA were based was expressly cancelled and superseded by CB. No. 317 dated Dec 23, 1970. The latter was in turn amended by CB Circular No.580, dated Sept. 19, 1977. As to altered checks, the new rules provide that the drawee bank can still return them even after 4:00pm of the next day provided it does so within 24 hours from discovery of the alteration but in no event beyond the period fixed or provided by law for filing of a legal action by the returning bank against the bank sending the same. Assuming that the relationship between the drawee bank and the collecting bank is evidenced by some written document, the prescriptive period would be 10 years. (Campos, NIL 5th ed 454-455).Thanks for sharing Valuable Information and it's very helpful. Being Best Top ca Final institute in bangalore One of the Leading Coaching Centres in bangalore for Chartered Accountancy.
ReplyDeleteThanks for sharing useful Information for the reasearch and it's very helpful. Variety: Individual invest in variety of products, unlike earlier when investor brought bonds, mutual funds and stocks for long term basis and sat on term. Now individuals can invest in stocks, stock options, mutual funds, individual, government, corporate, municipal bonds, various types of IRA account mortgages and even insurance.Being best ca coaching in hyderabad . One of the Leading Coaching Centres in Hyderabad for Chartered Accountancy.
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