131. Non-liability
of banker receiving payment of cheque.- A banker
who has in good faith and without negligence received payment
for a customer of a cheque crossed generally or specially
to himself shall not, in case the title to the cheque proves
defective, incur any liability to the true owner of the cheque
by reason only of having received such payment.
Explanation I —A banker receives payment of a crossed
cheque for a customer within the meaning of this section notwithstanding
that he credits his customer’s account with the amount
of the cheque before receiving payment thereof.
Explanation II — It shall be the duty of the banker
who receives payment based on an electronic image of a truncated
cheque held with him, to verify the prima facie genuineness
of the cheque to be. truncated and any fraud, forgery or tampering
apparent on the face of the instrument that can be verified
with due diligence and ordinary care.
[Explanation II inserted vide Negotiable
Instruments (Amendment and Miscellaneous Provisions) Act,
2002 ]
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