chequepersonal liabilitypresentmentwaiver of presentmentcorporate signature
Tags
Banking & FinanceCommercial Law
legislation
Statutes Cited
Bills of Exchange Act
Bills of Exchange Act
Bills of Exchange Act
Bills of Exchange Act
Bills of Exchange Act
ai analysis
Case Summary
Key Issues
{"issue_text":"When is a company director personally liable for signature on company cheque?","issue_type":"law","dispositive":"yes","related_facts":"1st and 2nd defendants signed cheques without indicating representative capacity"}
{"issue_text":"What is liability of drawer when cheque delivered but not presented and dishonoured?","issue_type":"law","dispositive":"yes","related_facts":"Cheques not presented due to defendants' waiver"}
{"issue_text":"To what extent is extrinsic evidence admissible of circumstances surrounding cheque delivery?","issue_type":"law","dispositive":"no","related_facts":"Verbal agreement and subsequent conduct"}
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background
Facts of the Case
Background
The plaintiff advanced $29 million to defendants to finance a Ministry of Health supply order. Defendants issued two post-dated cheques for $47 million total. When profits failed to materialise, defendants asked plaintiff not to present cheques due to insufficient funds. Plaintiff sued for payment on the $29 million cheque.
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