AB Corporation drew a check for payment to XY Bank. The check was given to an officer of AB Corporation who was instructed to deliver it to XY Bank. Instead, the officer, intending to defraud the Corporation, filled up the check by making himself as the payee and delivered it to XY bank for deposit to his personal account. XY Bank debited AB Corporation’s account. AB Corporation came to know of the officer’s fraudulent act after he absconded. AB Corporation asked XY Bank to credit its amount. XY Bank refused.
a) If you were the judge, what issues would you consider relevant to resolve the case? Explain. (3%)
b) How would you decide the case? (2%)
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