n Annual Survey of South African Law - The law of negotiable instruments
|Article Title||The law of negotiable instruments|
|© Publisher:||Juta Law Publishing|
|Journal||Annual Survey of South African Law|
|Affiliations||1 High Court of South Africa, 2 University of South Africa and 3 University of Cambridge, UK|
|Publication Date||Jan 2009|
|Pages||876 - 882|
In McCarthy Ltd v Absa Bank Ltd  ZASCA 118, the contract between a bank and its customer came under the spotlight. The court had to consider whether this contract includes either a tacit or an implied term that the bank must collect and pay cheques without negligence. The facts were that a former employee of McCarthy, one Cordier, created fictitious debts in the company's accounts and caused cheques to be drawn in payment of these debts. The named payee of each cheque was a combination, in one way or another, of the name 'Fourie' or 'L Fourie' and the name 'Leathertech' or 'Leatherteck CC'.
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