CROSSIN OF CHEQUES
This query is : Resolved
21 February 2011
Explain NOT NEGOTIABLE CROSSING of cheques with examples?
21 February 2011
Cheque bearing “not negotiable” - A person taking a cheque crossed generally or specially, bearing in either case the words “not negotiable”, shall not have, and shall not be capable of giving, a better title to the cheque than that which the person form whom he took it had. [section 130]. Thus, mere writing words ‘Not negotiable’ does not mean that the cheque is not transferable. It is still transferable, but the transferee cannot get title better than what transferor had.
A gives Cheque to B. B transfers it to C. But if not honored C has no right only B has the right to sue.
A gives Cheque to B. B transfers it to C. But if not honored C has no right only B has the right to sue.
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