means the banker who collects the cheques and bills on behalf of the customers In other words every crossed cheque is necessarily to be collected through any bank which is known as ID: 1028896
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1. Collecting Banker
2. Collecting banker means the banker who collects the cheques and bills on behalf of the customers. In other words, every crossed cheque is necessarily to be collected through any bank, which is known as collecting banker.
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6. Duties & Responsibly of collecting Bankers:Acting as Agent Scrutinisingg the instrumentsChecking the Endorsement Presenting the Instrument in Due timeCollecting the proceeds in the payee’s accountNotice of dishonor and returning the instruments
7. Precautions in collecting customer’s cheques A) Holder for Value :1 Bankers as a holder for value 2. Banker as an agentB) Conversion of the collecting Banker:1.Conversion is applicable to tangible property and not to debts.2. Conversion of Negotiable Instruments.
8. Rights and duties of collecting bankerPresenting the Cheques for Payment within Reasonable Time.To serve notice of dishonor. Position in case the collecting and paying bank is the same
9. Dishonour of Cheques by Non acceptance and Non- PaymentNon acceptance:-1.Uncrossed Cheques 2. Collection on behalf of a customer3. Ad hoc account holder4. Irregularity of Endorsement5. Doubtful cases
10. Non- Payment1.CreditingCustmor’s Account before Realization.2.Right of the customer to the cheque.3. Precautions regarding endorsements.