Deposit of Instruments. (1) When a Payment Instrument is deposited to the Account, the amount thereof shall not be drawn against until the procedures for collection thereof have been completed by the Bank and settlement thereof has been verified by the Bank after the due date for return of any dishonoured item. (2) With respect to Payment Instruments deposited to the Account which designate the Bank as the place of payment, the amount thereof shall not be drawn against until settlement has been verified by the Bank. (3) The Bank shall not be responsible for any loss or damages resulting from the loss, destruction or damage of a Payment Instrument deposited to the Account due to disturbances, calamities, and accidents during transit or any other unavoidable causes.
Appears in 4 contracts
Samples: Current Account and Payment Services Agreement, Current Account and Payment Services Agreement, Current Account and Payment Services Agreement
