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Srividya Murali (student)     13 April 2015

Section 85a of negotiable instruments act

Hello members!

Please anyone explain me Section 85A of Negotiable Instruments Act.

Regards,

Srividya Murali.



Learning

 2 Replies

K Venkatesan (Advocate)     13 April 2015

85A    Draft drawn by one branch of a bank on  another branch payable to order.

Where any draft drawn by one office of a bank upon another office of the same bank for a sum of money payable to order on demand, purports to be indorsed by or on behalf of the payee, the bank is discharged by payment in due course.

 

If the purchaser of the draft, cancels it before it is delivered to the drawee and retains it in his own hands, he can treat at the bank which issued the draft as his debtor and as a creditor he can demand the amount from the bank and the bank is liable to satisfy the demand 


N R Dash.. (Advocate)     15 April 2015

What exactly is the query?? The acts can be read from the bare act or from the internet????

 

Are you exploring the forum????


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