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Post-dated cheques in Indian law are considered under the Negotiable Instruments Act, 1881.Post-dated cheques are common and enforceable. [9] In 1998, the Supreme Court ruled that a post-dated cheque is a bill of exchange and does not become payable on demand until the date written on the cheque
In banking, antedated refers to cheques which have been written by the drawer, and dated at some point in the past. In the United States antedated cheques are described in the Uniform Commercial Code's Article 3, Section 113.
A dishonoured cheque (also spelled check) is a cheque that the bank on which it is drawn declines to pay (“honour”). There are a number of reasons why a bank might refuse to honour a cheque, with non-sufficient funds ( NSF ) being the most common, indicating that there are insufficient cleared funds in the account on which the cheque was drawn.
The Canadian government began phasing out all government cheques from April 2016. ... case law regarding the banking of cheques tendered ... to honour a stale-dated ...
Cheques are usually handled by banks as a cash item, on the assumption that the payor bank will honor the check. [3] Cheques create float (cash in the payor's account which the payor still has access to while the transition has yet to be finalized). Other types of collection items include: Dishonoured cheques or "bad cheques" [4] Bank drafts [2]
In government finance, a warrant is a written order to pay that instructs a federal, state, or county government treasurer to pay the warrant holder on demand or after a specific date. Such warrants look like checks and clear through the banking system like checks, but are not drawn against cleared funds in a checking account (demand deposit ...
Cheque truncation (check truncation in American English) is a cheque clearance system that involves the digitization of a physical paper cheque into a substitute electronic form for transmission to the paying bank. The process of cheque clearance, involving data matching and verification, is done using digital images instead of paper copies.
A banker's draft (also called a bank cheque, bank draft in Canada or, in the US, a teller's check) is a cheque (or check) provided to a customer of a bank or acquired from a bank for remittance purposes, that is drawn by the bank, and drawn on another bank or payable through or at a bank. [1]