Describe Justice LaForest's Comments with Respect to What a Banker

question 47

Essay

Describe Justice LaForest's comments with respect to what a banker is supposed to know,which formed a broader basis for the court's decision in Canadian Pacific Hotels Ltd.v.Bank of Montreal (1987),40 D.L.R.(4th)385 (S.C.C.),where the bank failed to detect forged signatures.

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Definitions:

Peanuts

Informally, a very small or insignificant amount of money; literally, a legume crop grown mainly for its edible seeds.

Raisins

Dried grapes often used as a snack or cooking and baking ingredient.

Central Office

A telecommunications term referring to a facility where customers' calls are switched by the local central office of a telecommunications provider.

Recordkeeping

The systematic process of maintaining and organizing records or documents relevant to a business, institution, or individual.