Deposit Protection Act · s 49

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49.
Not part of deposit
Where monies are or were received by a member institution for which the institution has issued or is obligated to issue an instrument

Deposit Protection 38
evidencing a deposit, other than a bank draft, certified cheque, traveller’s cheque, prepaid letter of credit or money order —
(a) the monies do not constitute a deposit unless the instrument and records of the institution specify the person entitled, at the date of issue of the instrument, to the repayment of the monies evidenced thereby;
(b) the person referred to in paragraph (a) is deemed to be the depositor in respect of the monies unless particulars of a transfer of the instrument are entered on the records of the institution, in which case the most recent transferee shown on the records is deemed to be the depositor; and
(c) the entry of a transfer on the records of a member institution is ineffective for the purpose of paragraph (b), if the entry is made subsequent to the cancellation or termination of the membership of the member institution.
Payments

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s 49Not part of deposit

Where monies are or were received by a member institution for which the institution has issued or is obligated to issue an instrument

Deposit Protection 38

evidencing a deposit, other than a bank draft, certified cheque, traveller’s cheque, prepaid letter of credit or money order —

(a)

the monies do not constitute a deposit unless the instrument and records of the institution specify the person entitled, at the date of issue of the instrument, to the repayment of the monies evidenced thereby;

(b)

the person referred to in paragraph (a) is deemed to be the depositor in respect of the monies unless particulars of a transfer of the instrument are entered on the records of the institution, in which case the most recent transferee shown on the records is deemed to be the depositor; and

(c)

the entry of a transfer on the records of a member institution is ineffective for the purpose of paragraph (b), if the entry is made subsequent to the cancellation or termination of the membership of the member institution.

Payments