Terms used on cheques Sample Clauses

Terms used on cheques. All of the cheques provided to you will be crossed with the words "not negotiable” between the parallel lines. This means that the cheque cannot be cashed but must be paid through an account. This does not stop the person who you pay the cheque to endorsing it to another person. Endorsing means directing payment to someone else. However the ultimate holder of the cheque who presents it for payment into their account gets no better title to the money than the person who transferred (endorsed) it to them. The words “account payee only” on your cheque means that the cheque may only be paid into the account of the person you make the cheque in favour of. Deleting the words “or bearer” on your cheque will mean the cheque is payable to the named payee only.
Sample 1
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