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Mr. H and Mr. P started a stationery supplies business as a partnership named “H-P Stationery Mart”. The partnership had availed several facilities from their selected bank (AZ Bank) including a business credit card line and a business trading account etc. Both partners were nominated and authorized to operate the account. The partners became involved in a financial dispute and decided to cease the operations of the business together. They decided both to dissolve the partnership or Mr. P will continue the business as a sole proprietor. Later option was opted with mutual consent and all the relevant changes in ownership forms for the registered business name were filed.
Mr. P’s dispute arose with AZ Bank when he deposited funds earned as a sole proprietor into the partnership account, and drew cheques against these funds. As soon as the bank became aware of the partnership dispute, it froze the account and dishonored the cheques of Mr. P. Mr. P argued that the bank should not have frozen the account. They should get confirmation from me and then take any action.
Requirement:
Being a student of banking laws and practice you are required to judge the matter and give your opinion that customer is right or whether bank has taken correct action for Mr. P’s account.
Note: Support your answer with logical reason.
Important Instructions:
·       Your discussion must be based on logical facts.
·       The GDB will open and close on above specified date and time. Please note that no grace day or extra time will be given for posting comments on GDB.
·       Use the font style “Times New Roman” and font size “ 12” .
·       Your answer should be relevant to the topic i.e. clear and concise.
·       Do not copy or exchange your answer with other students. Two identical / copied comments will be marked Zero (0) and may damage your grade in the course.
·       Books, websites and other reading material may be consulted before posting your comments; but copying or reproducing the text from books, websites and other reading materials is strictly prohibited. Such comments will be marked as Zero (0) even if you provide references.
·       You should post your answer on the Graded Discussion Board (GDB), not on the Moderated Discussion Board (MDB). Both will run parallel to each other during the time specified above. Therefore, due care will be needed.
·       Obnoxious or ignoble answer should be strictly avoided.
·       You cannot participate in the discussion after the due date via email.
·       Questions / queries related to the content of the GDB, which may be posted by the students on MDB or via e-mail, will not be replied till the due date of GDB is over.
·       For planning your semester activities in an organized manner, you are advised to view schedule of upcoming Assignments, Quizzes and GDBs in the overview tab of the course website on VU-LMS.
Note related to load shedding: Please be proactive
 
Dear students!
As you know that Pre Mid-Term semester activities have started and load shedding problem is also prevailing in our country. Keeping in view the fact, you all are advised to post your activities as early as possible without waiting for the due date. For your convenience; activity schedule has already been uploaded on VULMS for the current semester, therefore no excuse will be entertained after due date of assignments, quizzes or GDBs.

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Please Discuss here about this GDB.Thanks

Our main purpose here discussion not just Solution

We are here with you hands in hands to facilitate your learning and do not appreciate the idea of copying or replicating solutions.

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