Search results
Results from the WOW.Com Content Network
A crossed cheque – the oblique or vertical lines in the centre form the crossing. Like most modern cheques in the UK, the cheque is pre-crossed as printed by the Bank. A crossed cheque is a cheque that has been marked specifying an instruction on the way it is to be redeemed. A common instruction is for the cheque to be deposited directly to ...
The rules concerning crossed cheques are set out in Section 1 of the Cheques Act 1992 and prevent cheques being cashed by or paid into the accounts of third parties. On a crossed cheque the words "account payee only" (or similar) are printed between two parallel vertical lines in the centre of the cheque.
In Modern era Hundi served as traveller's cheques. [2] According to Section 13 of the Negotiable Instruments Act, "A negotiable instrument means a promissory note, bill of exchange or cheque payable either to order or to bearer." [3] But in Section 1, it is also described the Local extent, Saving of usage relating to hundis, etc. and Commencement.
Here’s a look at when crossing out on a check is acceptable. Dos. Don’ts. Use a single line to cross through the mistake. Scribble through the mistake.
The "holder in due course" may claim the amount of the bill against the drawee and all previous endorsers, regardless of any counterclaims that may have disabled the previous payee or endorser from doing so. This is what is meant by saying that a bill is negotiable. In some cases a bill is marked "not negotiable"—see crossing of cheques. In ...
Crossed Cheques Act 1876: The Crossed Cheques Act, 1876. The whole act. 41 & 42 Vict. c. 13 Bills of Exchange Act 1878: The Bills of Exchange Act, 1878. The whole act. 19 & 20 Vict. c. 60 Mercantile Law Amendment Act (Scotland) 1856: The Mercantile Law Amendment Act (Scotland), 1856. Sections ten, eleven, twelve, thirteen, fourteen, fifteen and ...
Cheque clearing (or check clearing in American English) or bank clearance is the process of moving cash (or its equivalent) from the bank on which a cheque is drawn to the bank in which it was deposited, usually accompanied by the movement of the cheque to the paying bank, either in the traditional physical paper form or digitally under a cheque truncation system.
So crossing your cheques is a VERY common and important thing to want to do. So common in fact that most banks issue pre-crossed cheques by default. My British Barclays Bank cheque book has two vertical lines printed across the front of every cheque - if I want "uncrossed cheques" I have to order them specially.