Special Investigating Units and Special Tribunals Act, 1996
R 385
Bills of Exchange Act, 1964 (Act No. 34 of 1964)Chapter IICheques - generally73. Revocation of bank's authority |
The duty and authority of a bank to pay a cheque drawn on it by its customer are terminated by receipt of—
| (a) | countermand of payment; |
| (b) | notice of the customer's death or incapacity; |
| (c) | notice of the customer having been sequestrated or wound-up or placed under judicial management or declared a prodigal: |
Provided such countermand or notice identifies the cheque, in the case of countermand, and the customer with reasonable particularity and gives the drawee a reasonable opportunity to act on it.
[Section 73 substituted by section 30 of Act 56 of 2000.]
