In negligence claims for pure economic loss arising from embezzlement of cheques, the cause of action accrues when the cheques are cleared and the plaintiff's position becomes irremediable, not when the plaintiff discovers the fraud or when financial institutions refuse to pay. However, the limitation period may be postponed under s 27(a) of the Limitation of Actions Act 1958 (Vic) where the defendant bank claims title or authority through the fraudulent agent, and such questions should generally be determined at trial rather than on interlocutory application. The postponement of the limitation bar under s 27 requires proof of consciousness of wrongdoing.
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