Bill of Exchange Questions
We paid our mortgage with a Bill of Exchange. The bank never returned the bill of exchange claiming it was lost but would not talk to us about it. The bank later said that we failed to pay the mortgage and proceeds to sell the home. We told the lawyer that the home was paid off but he sold it. What can we do?You need to hire an attorney and begin the process of filing an injunction to stop further action from the bank and file an appeal to the court. The injunction will put a stop to any further actions by the bank until the court has a chance to review the situation. If you fail to get an injunction, there is little that can be done to stop the sale and this will result in you being evicted from your home.
Once this case goes to court, the court may require the bank to submit the original promissory note in discovery and request a motion to show cause. The bill of exchange is a promise to pay. Even with the bill of exchange, the loan can default. You need to show that the money was in the bank when the bill of exchange was redeemed.
If an employee convinces a manager of a company to sign a bill of exchange payable to a false name and the employee signs the bill using the false name, then cashes in on the bill of exchange through valuable goods, how can the manager recover his money?If the manager can prove that the employee conned him into signing the bill of exchange, and forged a false name in order to use the bill of exchange, the supervisor needs to sue the employee. The supervisor should list fraud, conversion, breach of loyalty, etc. The supervisor should also inform the local authorities of the employee's behavior. The police would be interested in the employee's involvement of identity theft, forgery, and possible embezzlement which are all criminal offenses. When the supervisor involves the police, the employee will more than likely return the goods.
If we signed a bill of exchange for goods purchased through "document against acceptance, D/A", but paid the merchandise directly to the seller per seller's instruction, but not through the bank as instruction of D/A, are we still liable for the "bill of exchange signed"?The problem is his bank loaned him money against these bills of exchange and he is suppose to pay his bank back at due date but he cannot due to financial problems. Now the bank is asking us to pay against these bills of exchange.This has become a touchy situation because the seller was paid but you breached the agreement. The seller's bank is expecting to be repaid and is aware that the seller has no money; therefore the bank is expecting you to repay the money. It is obvious that the seller is unable to repay the debt, so suing him would do no good at this point. It appears that your best option at this point is to let the bank sue. You can use the defense that you didn't have an agreement with the bank but the seller did, so the bank should seek re-payment from the seller.
Bills of exchange can be an easy way to conduct business and usually has no issues during transactions. However, sometimes situations arise that turn simple business deals into legal nightmares. If you have any questions regarding bills of exchange, seek the insight of a legal Expert.