A cheque crossed not negotiable is not transferable.
is this correct or incorrect.
please explain.
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Not negotiable crossed cheque.
Replies (1)
A crossed cheque is one which is payable only in the bank account mentioned on it. For being a negotiable instrument it is essential that the instrument is transferable whereas this is not the case which a crossed cheque. Therefore is is non negotiable. And as the amount is payable only to the account mentioned it is non traferable as well.
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