Legal Question in Banking Law in India
Sir, I had purchased a demand draft from a nationalised Bank duly endorsed " account payee only ". It was presented through for encashment at a Co-operative Bank by a third party's account titled as DVN GROUP SUSPENSE ACCOUNT. The draft donot have any kind of endorsement by the Co-operative Bank and the draft's money has been credited to the third party account. Please let me know the validity of the transaction.
Asked on 12/18/15, 4:18 pm
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
19.12.2015
Dear Sir / Madam,
Yes, this transaction is legally valid in the eyes of Law.
Regards.
Answered on 12/18/15, 8:37 pm
Related Questions & Answers
-
I gave an cheque dt. 30/5/ 2012 Party deposited the cheque on 27 /8/ 12 my bank... Asked 12/18/15, 8:01 am in India Banking Law
-
Hi, Have received 3 cheques of 1 lac amount each from a party which taken the... Asked 12/17/15, 7:51 am in India Banking Law
-
RBI issued guidelines for meaning of relatives for directors of Urban Co-Op Bank... Asked 12/16/15, 8:50 pm in India Banking Law
-
As per RBI guidelines the definition of relative means as follows:2.2.7 The... Asked 12/15/15, 10:55 pm in India Banking Law
-
Is it necessary for karta to write karta while signing a cheque Asked 12/12/15, 12:39 am in India Banking Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
