Legal Question in Banking Law in United Kingdom

I have advertised a piano for sale on the internet. An interested buyer paid for it in travellers cheques which were sent from Cyprus. I paid these cheques into my bank account. They were accepted and my account was credited. However, a few days ago my bank contacted me to state that the cheques were fraudulent and that they had taken debited my account. Am I liable for this, or does the tender inherit responsibility and risk once they accept the travellers cheques in good faith and cash them as such?

Asked on 5/26/11, 7:19 am

Arent Lievens Advocates Lievens & Lievens

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I'm afraid you are the victim of a well know method of fraud...

Your bank accepts cheque's (also travellers cheque's) provisionally until they have cleared definitely.

You are not liable as an accomplice (if you are acting in good faith), but the risk of false cheque's (or cheque's which are not covered) is on you.

A safe way is to have money transferred to your account (IBAN/SWIFT) or something like Money Transfer by Western Union

I hope you haven't sent you piano...

Answered on 5/26/11, 7:46 am

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