Bills of Exchange Act, 1964 (Act No. 34 of 1964)

Chapter II

Cheques - generally

73. Revocation of bank's authority
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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.]