Legal Aspects of Unauthorized Bank Payments مقاله

"It is not likely that particular payment be contrary to the mandate of payer or made according to an unauthorized forged signature or in spite of customer�s order (notice) to the bank to stop payment or to block his account or refrain from payment of particular instrument or to paying to certain person. As another rule, the customer has both legal and contractual duty to inform bank about any problem such as crimes against his bank account or negotiable instrument or even missing of his payment bills or orders. Until providing such proof, the ultimate payee of fund is recognized as holder in due course of instrument at the time before its collection and then he is also regarded as legitimate payee (lawful receiver of money) after its payment. The Customer’s Duty to Inform Bank about any Problem As a rule of banking law, any customer owe a duty to inform his bank about any crime, missing, mistake or error in any kind of payment order as soon as he becomes aware of it. Thus the order of the same customer for stop payment should not be admissible for bank unless it is accompanied with evidences or proofs indicating its reasonability and acceptability according to the law. Thus, as a general rule, unless otherwise instructed, a bank, as an agent for collection of obligation in behalf of its customer, has no authority to receive in payment anything but cash, and when the bank does accept anything other than cash in payment it will be liable to his principal for any loss the latter may suffer."