UNIVERSAL GUARANTEE PTY., LTD. v. NATIONAL BANK OF AUSTRALASIA, LTD.

[1965] 1 Lloyd's Rep. 525

JUDICIAL COMMITTEE OFTHE PRIVY COUNCIL

Before Lord Reid, Lord Hodson, Lord Pearce, Lord Upjohn and Lord Wilberforce

Banking - Deposits - Inaccurate receipts - Variation between deposit slip and carbon copy-Liability of bank. -Bank acting as collecting and paying bank-Effect where indorsements forged on cheques. -Cheques - Named payee - Crossed: "Not Negotiable, Account Payee Only" - Payee's indorsement forged - Cheques also indorsed fraudulently by authorized officer: "Endorsement Guaranteed" -Drawer's account debited and identical account credited-Liability of bank-Whether bank entitled to act as collecting bank and paying bank.