New SIDBI Grade A New Batch Starts on Nov 18

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    Question

    Where a cheque is crossed specially to more than one banker, except when crossed to an agent for the purpose of collection_____________________

    A The banker on whom it is drawn shall pay to the last-mentioned banker Correct Answer Incorrect Answer
    B The banker to whom it is drawn shall refuse payment. Correct Answer Incorrect Answer
    C The banker on whom it is drawn shall pay equally to all the bankers mentioned Correct Answer Incorrect Answer
    D The banker on whom it is drawn shall pay to any one of the mentioned banker Correct Answer Incorrect Answer

    Solution

    Section 127 of Negotiable Instrument Act,1881. Payment of cheque crossed specially more than once—Where a cheque is crossed specially to more than one banker, except when crossed to an agent for the purpose of collection, the banker on whom it is drawn shall refuse payment thereof.

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