Can a bank draft be cancelled by a bank if the purchaser is in default on a loan?

torontoman · #1 Feb 5, 2007, 01:58 PM

I had recently purchased a bank draft from a bank to which I owe a large sum of money. I'am overdue on the minimum payment and the bank has started to make noises about taking legal action. Due to some reason the recipient has not deposited the bank draft yet. Can the bank legally cancel the draft and use the proceeds to settle the loan I have with them?

excon · Feb 11, 2007, 06:04 AM

Hello toronto:

No.

excon



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