If a bearer cheque is lost or destroyed the owner shall be entitled to submit an objection to payment of its amount to the drawee
mislead, such as those naming fictitious drawee
, fall "squarely
The Ordinance is similar to the Bill in the sense that the substantive principle for determination of the jurisdiction of cases under section 138 of the NI Act remains the same, except that that two distinct situations of payment of cheque (i) by submitting the same for collection through an account or (ii) payment of a cheque otherwise through an account, that is, when cheques are presented across the counter of any branch of drawee
bank for payment, are covered under the Ordinance.
Detention or a fine shall be imposed upon anyone who, in bad faith, gives a draft (cheque) without a sufficient and drawable balance or who, after giving a cheque, withdraws all or part of the balance, making the balance insufficient for settlement of the cheque, or if he orders a drawee
not to cash a cheque or makes or signs the cheque in a manner that prevents it from being cashed.
The grids are powered by NCR APTRA Clear and ImageMark Archive software, using image-based cheque scanning technology that allows banks to capture the images of the cheque and securely transfer it to the drawee
bank electronically through the clearing house based in NPCI.
While the check market has experienced a rapid transformation from paper processing to electronic processing, the underlying structure of the parties in each transaction remains much the same: Each check transaction includes a drawer (the person who writes the check), the payee (the person to whom the check is payable), the drawee
(the bank that maintains the funds on which the check is drawn), and the depository bank (the first bank to receive a check for collection).
Drawer--(OALD, DBF) the person who writes a cheque or a bill asking a drawee
to pay money to a payee--Lit.
As for the recent sharp increase in dishonoured cheques, the Marfin Laiki source said this is most likely due to the writing of post-dated cheques rather than conscious attempts to defraud the drawee
The Compensating Chamber, in the stock markets, act intervening between the seller or salesperson and the drawee
or buyer of the options, eliminating the direct bond between them.
and the treat has the same content as the bill of exchange, but there are three participants: the drawer, the drawee
and the beneficiary" (Manolescu, 2006).
A draft only becomes valid when the drawee
has written "accepted" and put his name to the bill of exchange.
Check 21 requires all drawee
banks (19) to accept substitute checks from depository banks (20) in lieu of original checks.