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Banking

If you draft has been lost What bank do before issuing the duplicating draft?

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May 13, 2012 5:23AM

banks generally issue a duplicate draft in lieu of the original reported lost.before the duplicate draft is issued, the purchaser indemnifies the bank against liability in case of the lost draft being presented by someone who has obtained a good title to it.the indemnity should cover the amount of the draft and all cost and expenses reasonably incurred by bank in establishing the title of the person presenting the draft.