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Kinds of Cheques

Cheque is a written statement containing an unconditional order, addressed to a banker, signed by


the person who has deposited money with the banker, requiring him to pay a certain amount of
money on demand, or to the order of certain person or to the bearer of the instrument

Parts of a Cheque

Bearer Cheque
• If a drawer orders the bank to pay a stated sum of money to the bearer it is called a
bearer cheque
• Any person who lawfully possess a bearer check is entitled to receive payment of that
check
• The cheque can be marked "cash," without naming anyone in particular

Order cheque
• If a cheque is to the order of a person in whose favor cheque is drawn it is called an order
cheque
• The order cheque is paid by the bank only when the bank is satisfied about the identity of
the payee

Crossed cheques
• It is written in the same as that of bearer cheque but issuer specifically specifies it as
account payee on the left hand top corner or simply crosses it twice with two parallel lines
on face of the cheque
• It cannot be paid on the counter of the drawee bank
• It will be deposited in the account of a person in whose order or favor it is drawn
• It means that it could only be deposited and could not be converted into cash

Ways of crossing a cheque


• The crossing may be “General” wherein between two parallel lines the words “an Co.” or
none at all, in which case the drawee should not encash the same but merely accept the
same for deposit
• It may also be “Special” wherein between the two parallel lines is written the name of a
bank or business institution, in which case the drawee should pay only with the intervention
of that bank

Effects of Crossed cheques


1. The cheque may not be encashed but only deposited in the bank
2. The cheque may be negotiated only once - to one who has an account with a bank; and
3. The act of crossing the cheque serves as a warning to the holder that the cheque has been
issued for a definite purpose so that he must inquire if he has received the cheque pursuant
to that purpose; otherwise he is not a holder in due course
Question:
Is the bank liable to the payee for depositing and encashing the crossed checks to an
unauthorized person?
- Yes. The effects of crossing a check relate to the mode of its presentment for payment.
Under Sec 72 of the Negotiable Instruments Law, presentment for payment, to be
sufficient, must be made by the holder or by some person authorized to receive on his
behalf. Who the holder or authorized person depends on the instruction stated on the
face of the check. The check here had been crossed and issued “for payee’s account
only.” This only signifies that the drawer s had intended the same for deposit only by
the person indicated. (Associated Bank vs CA, GR No. 89802, May 7, 1992)

Liability of Paying Banker


• The paying banker should make payment of a crossed cheque only through the collecting
banker
• In case of special crossing, the payment of cheque should be done only to the banker which
name has been mentioned between the two parallel lines
• In case the paying banker makes payment of crossed cheque in contravention of the above
rules, its liability will be as follows:
1. The paying banker will have to reimburse the true owner for any loss that he might
have suffered on account of payment being made to the wrong person
2. The paying banker shall not be entitled to debit his customers account with the amount
of payment in case payment has been made to a wrong person since it has not followed
the mandate of the customer. Such payment will not be taken as payment made in due
course.
Account Payee Cheque
• When two parallel lines along with a crossed made on the cheque and the word 'ACCOUNT
PAYEE' written between these lines, then that types of cheques are called account payee
cheque.
• The payment of the account payee cheque taken place on the person, firm or company on
which name the cheque issue

Stale Cheque
• If any cheque issued by a holder does not get withdrawn from the bank till three months,
then that type of cheques are called stale cheque

Post Dated Cheque


• If any cheque issued by a holder to the payee for the upcoming withdrawn date, then that
type of cheques are called post-dated cheque

Ante Dated Cheque


• If any cheque issued for the upcoming withdrawn date but it withdraw before the date
printed on the cheque, then that type of cheques are called anti dated cheques

Cashier's Cheque
• This check is also known as an official check, treasurer's check or manager's check
• The promise to pay is made by the bank, not the person using the check.
• This type of check is guaranteed and is often treated the same as cash
• The bank will debit your account or you can pay in cash for the amount of the check
• The check is then written by the financial institution and signed by the institution's cashier
or manager

Cheques and Law


There are two legal provisions regarding the issuance of cheques in our laws and both are
criminal in nature:
1. Crime of Estafa which is committed by post-dating a checque, or issuing a cheque in
payment of an obligation when the offender therein were not sufficient to cover the
amount of the check. The failure of the drawer of the check to deposit the amount
necessary to cover his check within three (3) days from receipt of notice from the bank
and/or the payee or holder that said check has been dishonored for lack of insufficiency
of funds shall be prima facie evidence of deceit constituting false pretense or
fraudulent act.
2. Batas Pambansa Blg. 22, more popularly known as B.P. 22. This crime is committed by
any person who makes or draws and issues any check to apply on account or for value,
knowing at the time of issue that he does not have sufficient funds in or credit with the
drawee bank for the payment of such check in full upon its presentment. The cheque is
subsequently dishonored by the drawee bank for insufficiency of funds or credit or would
have been dishonored for the same reason had not the drawer, without any valid reason,
ordered the bank to stop payment.
Question:
Can a drawer, from whom checks were stolen but failed to report the same to the authorities
or the drawee bank, recover the value of the checks paid by the drawee bank on the forged checks
which was stolen from the drawer?
- No, the drawer cannot recover. He is the one which stands to be blamed for its
negligence/predicament. (Security Bank and Trust Company v. Triumph Lumber
and Construction Corp., G.R. No. 126696, Jan. 21, 1999)