TRUSTEE ACT 1925 - SECT 54A
Banker may recognise certain signatures and endorsements
TRUSTEE ACT 1925 - SECT 54A
Banker may recognise certain signatures and endorsements
54A Banker may recognise certain signatures and endorsements
(1) Where two or more persons in a fiduciary position (other than trustees
under a will, settlement or like instrument) have deposited with a banker
moneys which have been received by them as such fiduciaries, it shall be
lawful for the banker, when so authorised by such person--
(a) to pay cheques
drawn on the banker by any one or more of them or by any agent authorised by
them,
(b) to recognise as a valid endorsement upon any bill of exchange or
promissory note payable to the order of such persons an endorsement by any one
or more of them or any agent authorised by them.
(2) Where any person in a
fiduciary position (other than a trustee under a will, settlement or like
instrument) has deposited with a banker moneys which have been received by the
person as such fiduciary, it shall be lawful for the banker when so authorised
by such person--
(a) to pay cheques drawn on the banker by any agent
authorised by the person,
(b) to recognise as a valid endorsement on any bill
of exchange or promissory note payable to the order of such person an
endorsement by any agent authorised by the person.
(3) Nothing in this
section contained shall affect any liability of such persons or person to the
persons towards whom they are or he or she is in a fiduciary position.
(4) In
this section,
"banker" includes a bank, a building society and a credit union.
