Professional Documents
Culture Documents
Kinds of CROSSING
1. General Crossing 2. Special Crossing
cheques should be paid only to a banker and if the banker is named in the crossing, only to that banker
parallel lines across the front of the cheque (usually the top left corner is sufficient) then you are telling the bank that the money has to be paid into an account and cannot be cashed (exchanged for cash). This means that the person who eventually receives the money can be traced because there will be a record of the deposit.
1.And Company 2. & Co., 3. Not Negotiable 4. Payees A/C 5. Under Rupees Fifty
The following do not constitute a crossing within the meaning of Sec 123
5.
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account, since , it will constitute a breach of his customers mandate, b. He will be liable to the drawer for any loss, which he may suffer, c. He will be liable to the true owner of the cheque who may be the third party. 4. The main intention of crossing a cheque is to give protection to it.
SPECIAL CROSSING
Sec 124 of the Negotiable Instruments Act of 1881 defines where a cheque bears across its face, an addition of the name of a banker, with or without the words Not Negotiable, that addition shall be deemed a crossing, and the cheque shall be deemed to be crossed specially, and to be crossed to that banker
4.
5.
a. ICICI Bank ltd b. With the parallel line c. ICICI Bank ltd
Not Negotiable d. With Payees A/c e. With Not Negotiable a/c payee.
Double crossing