JAIIB | LRAB Unit 7 | Case Laws On Responsibility of Collecting Bank

Описание: JAIIB | LRAB Unit 7 | Case Laws On Responsibility of Collecting Bank
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Section 131 of the Negotiable Instruments Act grants protection to a collecting banker
Non-liability of a Banker Receiving Payment of Cheque: A Banker, who has , in good faith and without negligence, received payment for a customer of cheque crossed generally or specially to himself shall not, in case the title to the cheque proves defective, incur any liability to the true owner of the cheque by reason only of having received such payment.
Though Section 131 grants protection to a collecting banker, the protection is conditional. For the collecting banker to claim the protection under section 131, he has to comply with certain conditions and they are:
The collecting banker should have acted in good faith
He should have acted without negligence
He should receive payment for a customer
The cheque should be crossed generally or specially to himself.


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