Common Contracts
1 similar Account Verification Agreement contracts
BANK ACCOUNT VERIFICATION AGREEMENTS ARE CONSTRUED AGAINST THE BANKAccount Verification Agreement • December 10th, 2020
It is probably generally understood amongst those who provide and consume banking type services that in most situations, where a fraudster has forged a bank's customer's cheque and funds have thereby been removed from the customer's account, as between the bank and its customer, the bank is responsible for the loss and must recredit its customer's account. Section 48(1) of the Bills of Exchange Act (Canada) unequivocally states that a forged signature on a cheque is "wholly inoperative".
