Overdraw - Law Dictionary Search Results
Home Dictionary Name: overdrawoverdraw
overdraw -drew [-drü] -drawn [-drȯn] -draw·ing vt : to draw checks on (a bank account) for more than the balance vi : to make an overdraft ...
Overdraft
The act of overdrawing a draft in excess of the credit balance also the amount or sum overdrawn...
Overdraw
To exaggerate to overdo...
Banker
Banker, one who receives money to be drawn out again as the owner has occasion for it, the customer being lender, and the banker borrower, with the superadded obligation of honouring the customer's cheques up to the amount of the money received and still in the banker's hands.A customer's money may become irrecoverable if six years have elapsed without payment by the banker of principal or interest after demand. The relation of banker and customer is merely that of debtor and creditor, with a superadded obligation on the banker to honour the customer's cheques, so that the Limitations Act, 1623, (21 Jac. 1, c. 16), runs against the customer. See UNCLAIMED PROPERTY.A cheque is not an assignment to the payee of the customer's balance, so that if a customer having a balance of 99l. give a cheque for 100l., the banker is legally justified in dishonouring it by refusing payment altogether, Schroeder v. Central Bank of London, (1876) 34 LT 735. If a customer overdraws his account, this amoun...
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