alleryStart learning →A banker paying a crossed cheque out of due course is liable to the:
AThe true owner
BThe payee only
CThe drawer only
DThe Reserve Bank
Answer & Solution
Correct answer: A. The true owner
Section 129 makes the paying banker liable to the true owner for loss from a wrongly paid crossed cheque.
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Related questions
The Negotiable Instruments Act was passed as Act No. 26 of the year:The 2002 amendment of the Act inserted new sections numbered:Criminal liability for cheque dishonour entered the Act through an amendment of:Interim compensation in cheque dishonour cases was added by the Act of:Interim compensation under Section 143A must ordinarily be paid within:Interim compensation under Section 143A cannot exceed what share of the cheque?Cheque dishonour trials under the Act should aim to end within:Which court may try a Section 138 offence?