Public Service Commission Act, 1997
R 385
Bills of Exchange Act, 1964 (Act No. 34 of 1964)Chapter IIUnindorsed or irregularly indorsed instruments84. Rights of banks if unindorsed or irregularly indorsed cheques or certain other documents are delivered to them for collection |
| (1) | If a cheque, or draft or other document referred to in section 83, which is payable to order, is delivered by the holder thereof to a bank for collection, and such cheque, draft or document is not indorsed or was irregularly indorsed by such holder, such bank shall have such rights, if any, as it would have had if, upon such delivery, the holder had indorsed it in blank. |
| (2) | Where a cheque referred to in section 75A is delivered by the holder thereof to a bank for collection and the holder is indebted to the bank, the bank shall be deemed to be the holder thereof taking the cheque in pledge for such indebtedness with the same rights and subject to the same liabilities as the holder had. |
[Section 84 substituted by section 41 of Act 56 of 2000.]
