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cheque

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(Querist)
25 October 2009 if the cheque is crossed & it is written under the crossed line not neogitable or any bank name is written than what does it mean & it has been written what is the purpose and the benefit derived by the cheque issuer and the cheque giver and the disbenefit .

as per which section & law with a suitable example please.
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
25 October 2009 If the cheque is crossed and written as not negotiable the holder of the cheque has to compulsorily deposit in his account only and cannot transfer the same by endorsement.


If the cheque is crossed and bank name is mentioned then the cheque is to be deposited by the holder in that bank only and cannot be deposited else where. This will be done when a loan has been taken by him from the bank where his employer is also having the account.
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Chandra

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Chandra (Expert)
25 October 2009 I am agree with Mr.B.Srinivas.For reference you can approach to Negotiable Instrument Act.
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