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Byju's Answer
Standard XII
Economics
The Monetary System
BankerIn whic...
Question
Banker
In which of the following cases, the banker MUST refuse to honour the cheque?
A
When the banker receives notice of customer's insanity.
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B
When the cheque has been allowed to become stale.
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C
When the cheque is ambiguous or otherwise materially altered.
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D
When the banker has no sufficient funds of the drawer with him.
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Solution
The correct option is
B
When the banker receives notice of customer's insanity.
Following are the circumstances when a banker refuse payment of Cheque:
When the customer has countermanded payment.
When the banker has received a garnishee order.
When the customer has died.
When the customer has become insolvent or insane.
Where the banker has received a notice of assignment.
When the customer has lost the instrument
When the banker has come to know of any defect in the title.
Where the instrument has been materially altered.
When the account is closed
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Banker
In which of the following cases, the banker MAY refuse to honour the cheque?
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(II) When the customer has given notice of assignment of the credit balance of his account.
(III) When the cheque is presented at a branch where the customer has no account.
(IV) When the holder's title is defective and the banker comes to know of it.
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