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"Check That Cheque" or be Left Holding the Bag |
April 2, 2005
Previously published on March 30, 2005
A recent Ontario Court of Appeal decision has highlighted again the perils facing banks which unwittingly negotiate fraudulent cheques. In Westboro Flooring and Décor Inc. v. Bank of Nova Scotia, the Court pinned the entire loss flowing from a fraudulent cheque scheme on the fraudster's bank (the "Collecting Bank"), which had allowed the fraudster to deposit the fraudulent cheques into his account.
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The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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