Attempt a classification of cheques

• A cheque is a bill of exchange, drawn on a banker payable on demand.
• Cheques may be classified as:
o Bear and order
o Open and crossed

o Bearer: this is a cheque payable to the holder.
o Order: this is a cheque payable to the order of a specified person.
o Open: this is a cheque whose proceeds are payable to the payee across the counter.
o Crossed: this is a cheque which contains two parallel transverse lines on its face. Acheque may be crossed generally or specially.

General crossing

 



(Visited 13 times, 1 visits today)
Share this on:

Leave a Reply

Your email address will not be published. Required fields are marked *