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Law of Banking - May/June 2010 New - 3YDC

Question Type Question  
Short Regional Rural Banks
Short Guarantor
Short Banker`s Draft
Short Travellers Cheques
Short Bank Guarantee
Short Pledge
Short Money order
Long Define the terms "Banker" and "Customer". What are the general and special relationships between banker and customer?
Long Bring out the salient features of the Negotiable Instruments Act.
Long Explain the statutory protection provided to paying bankers under the Negotiable Instruments Act.
Long Define Letters of Credit and discuss the various types of Letters of Commercial credit.
Problem A current account holder instructs his bank to close his account and transfer the balance to another branch. Later a cheque presented and returned with the objection "refer to drawer". the account holder sues the bank on the plea that his credit has been damaged. What is the position of the bank?
Problem XYZ pays in the current account a cheque which was received by him from ABC who is a thief. The true owner claims the payment from the banker. Should the banker pay?
Problem There is a credit balance in the account of A. The banker wishes to set this off against an overdraft in the joint names of A and B. Examine the legal position of the banker.
Problem An Income Tax Officer directly writes to a bank to disclose certain details regarding certain customers of the bank who have accounts. Is the banker under an obligation to disclose? Discuss.
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