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Legal Terms - Cheque
cheque n. A *bill of exchange drawn on a banker payable on demand. A check is payable on demand, thus the drawee bank does not need to see it in order for it to be accepted. A check serves as a mandate or order to the bank that receives it, instructing it to pay the drawer's account and debit it. The terms "account payee" on checks were given legal significance by the Cheques Act of 1992, rendering them nontransferable.
cheque n. A *bill of exchange drawn on a banker payable on demand. A check is payable on demand, thus the drawee bank does not need to see it in order for it to be accepted. A check serves as a mandate or order to the bank that receives it, instructing it to pay the drawer's account and debit it. The terms "account payee" on checks were given legal significance by the Cheques Act of 1992, rendering them nontransferable.
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