Post dating cheque
With specific regard to bouncing of post-dated cheques, yet another case has created flutters among the legal circuit very recently, i.e. Shri Rajendra Bhagchand Warma (herein after called the ‘Warma case’).Payments Canada Payments Canada has created a video to explain how cheques travel through the Canadian payments system, why those cheques are “image-conscious” and what happens if they hit a bump in the road Canada has one of the most efficient cheque clearing systems in the world and, while the use of cheques has been declining with the growing popularity of electronic and card payments, financial institutions in Canada still process nearly a billion cheques every year.You had been opening a Birmingham Midshires Savings Bond intending to pay £768 into it.Thinking the offer might expire, and aware that the funds represented by this cheque were tied up elsewhere, you enclosed a postdated cheque with your application.138 of the Act which says:- Where any cheque drawn by a person on an account maintained by him with a banker for payment of any amount of money to another person from out of that account for the discharge, in whole or in part, of any debt or other liability, is returned by the bank unpaid, either because of the amount of money standing to the credit of that account is insufficient to honour the cheque or that it exceeds the amount arranged to be paid from that account by an agreement made with that bank, such person shall be deemed to have committed an offence and…." It is well-known today that S.138 has been a highly litigious provision in the banking law circuit.The rules for postdated checks are outlined in Article 3, Section 113 of the Uniform Commercial Code.These checks are frequently used by customers who take out payday loans.
My own bank honoured the cheque equally without question.The information you provide through this survey is collected under the authority of the Department of Employment and Social Development Act (DESDA) for the purpose of measuring the performance of and continually improving the website. Please do not include sensitive personal information in the message box, such as your name, address, Social Insurance Number, personal finances, medical or work history or any other information by which you or anyone else can be identified by your comments or views.Any personal information collected will be administered in accordance with the Department of Employment and Social Development Act, the Privacy Act and other applicable privacy laws governing the protection of personal information under the control of the Department of Employment and Social Development.Survey responses will not be attributed to individuals.If you wish to obtain information related to this survey, you may submit a request to the Department of Employment and Social Development pursuant to the Access to Information Act.