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Principles & Practices of Banking

Unit – 15 : Payment and Collection of Cheques and Other NI

1. In Sans recourse endorsement, liability of the endorser is excluded.

2. In facultative endorsement, the notice of dishonour is waived.

3. The 3 negotiable instruments are promissory notes, bills of exchange and cheque.

4. A paying banker is protected under NI Act in the following cases:

a. Forged endorsement in an
i. order cheque under section 85 (1)
ii. bearer cheque under section 85 (2)
iii. draft under section 85 (A)

b. Material alteration in a cheque under section 89

c. Payment of a crossed cheque under section 128.




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