Legal Question in Banking Law in India
can bank cancell pay-order an account payee order instrument, without endorsement given by the payee,and it was received against the consideration of property sold
Asked on 9/13/10, 1:14 pm
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
The pay order cannot be cancelled if it has already reached the payee's hands. The payee can sue the Bank for wrongful dishonour if the pay order is returned as cancelled.
Answered on 9/14/10, 11:14 am
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