Respected Experts,
I will be thankful if you will be answer this question in common commercial practice , with legal implications..
Facts:
--'A' issues a post-dated cheque of 30000 to 'B' (dated 3rd may)
--On 3rd may, the drawer has only 31000 in his account as balance(of which 3k being minimum balance)
Can the Bank refuse this cheque on the grounds of insufficiency of funds?
I have seen some banks refuse it, while others dont, they honor it. So, what exactly is the correct legal positon in this regard?
Thanks!