My post above is just the bare bones of a long and complicated story which involved a series of legal actions and criminal prosecutions.Mathepac. I am surprised by your post. I always believed that a Bank Draft was the same as cash ...
As a genuine buyer, I would hugely mind handing over my draft and being told I have to wait days to get the car and signed transfer of ownership.If he is a geniune buyer he wont mind waiting for the draft to clear, but if you have doubts as one of the posters above said walk away.
As a genuine buyer, I would hugely mind handing over my draft and being told I have to wait days to get the car and signed transfer of ownership.
Waiting for draft to clear exposes the buyer to rip-off.
I was issued with a draft in debtor's bank branch.
I had an incident some years ago when trying to collect a debt. I was issued with a draft in debtor's bank branch. which I duly lodged. Some weeks later, the lodgment was debited against my account. It transpired that lodgments made to the debtor's account were dis-honoured, and the value of the draft would have taken the account into an unauthorised overdraft, so the issuing bank, with the cooperation of my bankers at the time, took the money back. The whole setup was engineered to perpetrate fraud with a daisy-chain of accounts issuing cheques to the next account in the chain, but no funds to back anything up.
Mathepac. I am surprised by your post. I always believed that a Bank Draft was the same as cash .
...
So Mathepac, are you absolutely sure? Did you take legal advice at the time? The bank had no right to stop the draft even if you were in collusion with the debtor. They might have a right to sue the debtor or to sue you, but they cannot stop a validly issue draft...
I agree with the above and would add that if the draft is obtained by fraudulent means, as was proven in the case I mentioned above, then it is the same as a cheque obtained by fraudulent means, less than worthless....Nowadays a draft is simply a cheque drawn by a bank on its own account. So it is a cheque in which the drawer is undoubtedly creditworthy, but has all of the other characteristics of a cheque. If it is stolen or forged, then the relevant legislation which applies to cheques applies also to drafts.
if your gut says something isn't right, the chances are that something isn't right.
if the draft is obtained by fraudulent means, as was proven in the case I mentioned above, then it is the same as a cheque obtained by fraudulent means, less than worthless.
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