Textbook Notes (368,629)
Canada (162,027)
Commerce (379)
COMM 393 (60)

Case Brief - 2203850 Nova Scotia Ltd. V. Sarkar – NEGOTIABLE INSTRUMENTS.docx

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COMM 393
Patricia Mallia

2203850 Nova Scotia Ltd V SarkarNEGOTIABLE INSTRUMENTSFactsThe appellant the Money Mart brings an action against the respondent Dr Sarkar that the respondent should be held liable for the face value of an instrument to which the appellant alleges he is a holder in due course ofThe appellant effectively cashed a cheque postdated by the respondent for a client of the Money Mart for services renderedPrior to cashing the respondent placed a stop payment for the amount at its financial institution thereby dishonouring the chequeIn trial court the adjudicator ruled that in reference to the Bank of Commerce v Burman et al the appellant was not a holder in due course since the instrument was postdated at the time of cashingThe appellant brings this action to establish that it is in fact a holder in due course and is subject to the appropriate equities provided by this roleIssues1 Is the appellant Money Mart a holder in due course2 Does the appellant run the risk of countermanding not receiving payment of funds from the honouring of a postdated instrumentDecisions1 The appellant is found to be a holder in due course2 The appellant shall not be countermanded and shall recei
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