banking
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 September 2010
Dear Sir,
one of my relative has received dd against sales made by him.when it presents the dd the bank refuse to pay it due to stoppage of payment by the drawer.When he asked how the stoppage is made the bank replied that the drawer stoppage the payment declaring that the dd is stolen.can the bank do so without receiving the original dd copy.what legal action seller can take and how can he recover the same under the actunder the negotiable instrument act.
one of my relative has received dd against sales made by him.when it presents the dd the bank refuse to pay it due to stoppage of payment by the drawer.When he asked how the stoppage is made the bank replied that the drawer stoppage the payment declaring that the dd is stolen.can the bank do so without receiving the original dd copy.what legal action seller can take and how can he recover the same under the actunder the negotiable instrument act.
CMA Ramesh Krishnan
(Expert)
09 September 2010
Banker has right to refuse the payment, if the drawer request to stop the payment, so please enquire with your DD drawer why the payment was stopped
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