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The Supreme Court of Canada held that the banks could not rely on s. 20(5) of the Bills of Exchange Act and restored the motions judge’s conversion judgment in favour of Teva.
The verification clause, being ambiguous as to forged cheques and lacking clear unambiguous language to exclude liability for forged instruments, did not bar SNS's statutory right under s.48(1) of the Bills of Exchange Act to recover for forged cheques; the trial award of $186,488 was supported, SNS failed to prove additional forged cheques, and punitive damages were not warranted on the facts.
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The court held the disputed payment instrument was affected by fraud, so the plaintiffs failed to prove holder in due course status and their claim was dismissed.
British Columbia Court of Appeal allowed an appeal in a conversion claim over cheques deposited by a dishonest bookkeeper, holding the bank could not rely on s. 165(3).
Bankers' acceptances, once accepted by a bank, make the bank primarily liable and render the issuer only contingently liable; therefore a holder's cost of bankers' acceptances is neither an "advance" to the issuer under s.181.2(4)(b) nor a "bond, debenture, note, mortgage or similar obligation" of the issuer under s.181.2(4)(c). Parliament treated bankers' acceptances as indebtedness for purposes of taxable capital in s.181.2(3)(d), and the investment allowance does not include the holder's cost of bankers' acceptances; appeal dismissed.
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La Cour suprême confirme la validité de la Saskatchewan Securities Act, estimant qu’elle vise la réglementation des opérations sur valeurs mobilières et non les billets à ordre.
The Supreme Court of Canada held that the bank, as pledgee of promissory notes, could recover only to the extent of its charge and could not shift its own fault-based costs.
The Supreme Court of Canada held that a provincial secretary could not bind Quebec by the letter, and a later appropriation did not ratify it or make it enforceable.
Appeal over six Quebec Turnpike Trust bearer debentures pledged by an estate administrator. The Supreme Court held the respondent was protected as a bona fide holder and dismissed the appeal.
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