BUS2 531 Lecture Notes - Lecture 21: Academy Of Social Sciences, Imperial Bank Of Canada, Payment
Document Summary
Nsf cheques cashed by payees, deposited, the banks processed them through the acss, took the drawee banks a few days (more than one days) to determine whether they will be paid this amount or not. The drawes are not doing well, so uncertainty for the drawee banks. Exceeded the 24 hours provided by the acss by-law. These are bad members of the cpa, they are using the rules in a way that is not allowed. Different understanding of the laws by the two courts. National slag v canadian imperial bank of commerce (oca) Best quote: first sentence: the appeal was argued with great thoroughness and learning, and if the law drives us to what one might conclude is an absurd result, we must accept that prof: lol. The loss resulted from the fact that the payee does business with a payor that had no money. Court does not think the bank was negligent in any way.
