Question
1. Two partners Mr. Abdullah and Mr. Yahya running their business. The business avails an overdraft limit of RO 50,000 with the Bank. Mr. Abdullah
1. Two partners Mr. Abdullah and Mr. Yahya running their business. The business avails an overdraft limit of RO 50,000 with the Bank. Mr. Abdullah signed two cheques for payment dated 17-03-2020. The business communicated the bank that Mr. Abdullah passed away in a road accident on 15-03-2020. The customers present these two cheques for payment on 17-03-2020. What is the solution for this situation?
2. Mr. Salim has an overdraft limit of RO 40,000 with Bank Muscat. Today the debit balance in the account is RO 38,200/- and cheque for RO 5,800 is issued by Mr. Salim for payment to the third party.
3. A cheque for RO 2,000 is presented in the clearing on the 20-01-2020 for payment when the balance in the account is RO 550. The customer has a fixed deposit account with a bank for a sum of RO 1500.
4. Ms. Bushra write a cheque for RO 2000 in favour of Ms. Naseera on 10-02-2019 and gave it to Ms. Naseera the same day. Ms. Naseera left from Oman for a long tour and forgot the cheque. She came back to Oman on 15-07-2019. Immediately she recalled the cheque and visited the bank. Due to insufficiency of funds in Bushras account the bank had failed to pay the money. How will you deal with the situation?
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