Legal Question in Banking Law in India
Can a Demand Draft be cancelled by a bank after 3 months, if borrower does not collect or register the property for which Demand Draft is made for ? What if EMI is collected during the period ? What protection the Bank have?
Asked on 5/24/13, 9:20 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
25.05.2013
Dear Sir / Madam,
Unless and until the payment is for the entire sale consideration and payment settlement as agreed between the parties, the buyer is not legally bound to encash the draft, let alone registration of the property. EMI's on loan collected from the buyer by the bank has nothing to do with the seller.
Regards,
Answered on 5/25/13, 3:48 am
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