Question 1

 

Smith and Brown jointly run a corner store. Both their signatures are required on cheques for the business account - a joint authority has been lodged with their bank. Smith has gone to New Zealand on family matters and it is not known when he will return. Brown gives a supplier a cheque on the business account signed by him alone. When the cheque is presented to the bank it refuses to pay it, on the basis that it does not comply with the authority it holds. Can the supplier sue on the cheque?   

 

Question 2

 

Pru Weaver is only 17 but looks at least 21. A year ago she opened a cheque account. She has used the account ever since. However, recently, due to an oversight at the bank, her account went substantially into overdraft. On realising this she ceased to use the account. Can the bank recover the amount of the overdraft from her? 

 

 

Question 3

 

For many years Jack and Jill Paget operated an account in both their names as man and wife. The authority with the bank allowed either to sign cheques. They continued to operate the account even after splitting up. Recently Jack died, and after notifying the bank of this fact Jill withdrew all the contents of the account. However, Jill did not notify the bank that for some time Jack had been living with his secretary and that in his will he had left all his property to her. Advise the bank.  

SuperTutor

(15)

Status NEW Posted 26 May 2017 02:05 AM My Price 6.00

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