Legal Question in Banking Law in India
Mr.A. received a dividend warrent from a bank in which he purcased shares. The said warrant is crossed generally (i.e /&co;/). Mr. B. deposited the said cheque in his account. The bank accepted the cheque from Mr.B and credited the amount in his account. The dividend warrant doesn't have any authorization or signature of Mr.A.
Is such instrument require any endorsement or signature of Mr.A ?
Asked on 12/02/15, 11:31 pm
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
03.12.2015
Dear Sir / Madam,
The Bank can credit B's account provided A has endorsed and signed the endorsement.
Regards,
Answered on 12/03/15, 3:40 am
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