Protection to collecting banker

(1) Where a banker in good faith and without negligence receives payment for a customer of a cheque crossed generally or specially to himself, and the customer has no title or a defective title thereto, the banker shall not incur any liability to the true owner of the cheque by reason only of having received such payment. (2) A banker receives payment of a crossed cheque for a customer within the meaning of this section, notwithstanding that he credits his customer’s account with the amount of the cheque before receiving payment thereof.