Mr. Ahmed issued a cheque for RO 5,000 to Mr. Khalid by drawing two cross lines on it, but failed to write words (payee a/c) in between two lines. Do you think Mr. Khalid can get the cash payment on the bank counter? Give reasons.
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. Mr. Ahmed issued a cheque for RO 5,000 to Mr. Khalid by drawing two cross lines on it, but failed to write words (payee a/c) in between two lines. Do you think Mr. Khalid can get the cash payment on the bank counter? Give reasons.
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- 3. Mr. Ahmed issued a cheque for RO 5,000 to Mr. Khalid by drawing two cross lines on it, but failed to write words (payee a/c) in between two lines. Do you think Mr. Khalid can get the cash payment on the bank counter? Give reasons. ( My country Oman)Mr. Khalid has a current account in a bank with a credit balance of RO 97,000. He has withdrawn cash of RO 1,000 through ATM machine and paid RO 24,400 to his creditor by cheque. After these transactions his current account balance will be: a. RO 71,600 b. RO 51,600 c. RO 71,400 d. RO 21,600On Thursday 25th August, 2022, George deposited a cheque from Second Hand Cars Limited for US$100,000 via the automated teller machine. On Tuesday 30th August, 2022, George tried to pay his credit card bill via online banking but noticed that his bank account is frozen. He later received a call from the bank. The bank called to find out where the $100,000 came from. His response was that it was written on the cheque and he angrily hung up, wondering aloud why the bank would call to ask him such a stupid question. Notwithstanding, a Suspicious Activity Report is filed by the Bank against George. On Thursday 1st September 2022, the police called George and ask him to come down to the police station to answer some questions about the cheque for $100,000 that he deoposited into his account on Thursday 25th August, 2022. Advise George and the Bank.
- Frank forges the signature of his father on a cheque and draws $5,000 from the account. Examine the legal position of the paying bank. Who is the drawer, drawee, payee, and holder of the BoE?On April 1, Moore gave Pipkin a check properly drawnby Moore on Zebra Bank for $5,000 in payment of apainting to be framed and delivered the next day. Pipkinimmediately indorsed the check and gave it to YeagerBank as payment in full of his indebtedness to thebank on a note he previously had signed. Yeager Bankcanceled the note and returned it to Pipkin.On April 2, upon learning that the painting had beendestroyed in a fire at Pipkin’s studio, Moore promptlywent to Zebra Bank, signed a printed form of stop payment order, and gave it to the cashier. Zebra Bankrefused payment on the check upon proper presentmentby Yeager Bank.a. What are the rights of Yeager Bank against Zebra Bank?b. What are the rights of Yeager Bank against Moore?c. Assuming that Zebra Bank inadvertently paid theamount of the check to Yeager Bank and debitedMoore’s account, what are the rights of Mooreagainst Zebra Bank?On 30 June 20X0, Cook's cash book showed that he had an overdraft of $300 on his current account at the bank. A bank statement as at the end of June 20X0 showed that Cook was in credit with the bank by $65. On checking the cash book with the bank statement you find the following. (a) Cheques drawn, amounting to $500, had been entered in the cash book but had not been presented. (b) Cheques received, amounting to $400, had been entered in the cash book, but had not been credited by the bank. (c) On instructions from Cook the bank had transferred interest received on his deposit account amounting to $60 to his current account, recording the transfer on 5 July 20X0. However, this amount had been credited in the cash book as on 30 June 20X0. (d) Bank charges of $35 shown in the bank statement had not been entered in the cash book. (e) The payments side of the cash book had been undercast by $10. (f) Dividends received amounting to $200 had been paid direct to the bank and not entered in…
- On 30 June 20X0, Cook's cash book showed that he had an overdraft of $300 on his current account at the bank. A bank statement as at the end of June 20X0 showed that Cook was in credit with the bank by $65. On checking the cash book with the bank statement you find the following. (a) Cheques drawn, amounting to $500, had been entered in the cash book but had not been presented. (b) Cheques received, amounting to $400, had been entered in the cash book, but had not been credited by the bank. (c) On instructions from Cook the bank had transferred interest received on his deposit account amounting to $60 to his current account, recording the transfer on 5 July 20X0. However, this amount had been credited in the cash book as on 30 June 20X0. (d) Bank charges of $35 shown in the bank statement had not been entered in the cash book. (e) The payments side of the cash book had been undercast by $10. (f) Dividends received amounting to $200 had been paid direct to the bank and not entered in…On 30 June 2023, Maximo’s cash book showed that he had an overdraft of K300 on his current account at the bank. A bank statement as at the end of June 2023 showed that Maximo was in credit with the bank by K65. On checking the cash book with the bank statement you find the following. (a) Cheques drawn, amounting to K500, had been entered in the cash book but had not been presented. (b) Cheques received, amounting to K400, had been entered in the cash book, but had not been credited by the bank. (c) On instructions from Maximo the bank had transferred interest received on his deposit account amounting to K60 to his current account, recording the transfer on 5 July 2023. This amount had, however, been credited in the cash book as on 30 June 2023. (d) Bank charges of K35 shown in the bank statement had not been entered in the cash book. (e) The payments side of the cash book had been undercast by K10. (f) Dividends received amounting to K200 had been paid direct to the bank and not…1. Assuming that B issues the following checks, when may she be chargeable for violation of the special law on anti-bouncing checks? A. B issues an ante-dated check for P10,000 as a gift, without the knowledge that she does not have sufficient funds with drawee bank. B. B issues a check for P15,000 for a second-hand laptop believing to have P7,500 in credit with the drawee bank. C. B issues a check for P20,000 as a donation to the church, which was dishonored by the drawee bank pursuant to a garnishment ordered by a court. D. B issues a check for P10,000 as payment for debt and it was dishonored by the drawee bank upon its presentment 120 days from the check's date. 2. Assuming that B is an insider and he wants to sell or buy a security of an issuer, WHAT ARE HIS DEFENSES TO PROVE THAT HE IS NOT INVOLVED IN “INSIDER TRADING”? A. A purchase or sale of a security of the issuer made by an insider, his/her spouse, or relatives by affinity or consanguinity within…
- Suppose a cheque was drawn payable to ‘Badar or order’. it was lost subsequently. Eman found the cheque and presented it to the cashier on the bank counter. Keeping this situation in mind, comment on the following: Will she get the cash? If no, justifyWould your answer be the same, if the cheque was bearer.Braun issued a $35 check to Rice. Rice took the check to Braun’s bank and had it certified. Rice then raised the amount to $350 and negotiated it to Turner. Turner presented the check for payment and received $350. When Braun received her canceled checks, she noticed the alteration and notified the bank. Who will suffer the loss?Suppose a cheque was drawn payable to ‘Badar or order’. it was lost subsequently. Eman found the cheque and presented it to the cashier on the bank counter? Keeping this situation in mind, comment on the following: Will she get the cash? If no, justify? Would your answer be the same, if the cheque was bearer? Discuss
