Banking and Finance 3
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Q 21. There is legal obligation for a banker to collect the bills of exchange for its customer.
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Q 22. Holder is an individual who has lawfully received possession of a Commercial Paper, such as a cheque and who is entitled for payment on such instrument.
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Q 23. In case a collecting banker has realized the cheque, he should pay the interest to the customer as per his (customer’s) direction.
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Q 24. The collecting banker is bound to show due care and carefulness in the collection of cheques presented to him.
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Q 25. When the cheque is dishonored, the collecting banker is not bound to give notice of the same to his customer within a reasonable time.
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Q 26. In case of wrongful dishonour of a cheque by the banker
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Q 27. The endorsement on the cheque is fictitious and the collecting banker failed to check it the cheque is paid by the paying banker
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Q 28. To get protection under Sec 131 of NI Act collecting banker should collect the cheque
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Q 29. A Collecting banker is given the statutory protection only when he acts as...
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