a b c d e f g h i j k l m n o p q r s t u v w y z search

TeachMeFinance.com - explain Crossed check historic definition... Crossed check -- The crossed check is not in use in the United States, but it is in general use in Great Britain, where it is recognized and in fact authorized by law. When a check bears across its face an addition of the words "and company'' or any abbreviation thereof between two parallel lines (two lines up and down) or of two parallel transverse lines simply, either with or without the words "not negotiable," that addition constitutes a crossing and the check is crossed generally as distinguished from crossed specially. When a check bears across its face an addition of the name of a banker, either with or without the words "not negotiable," that addition constitutes a crossing and the check is crossed specially and is crossed to that banker. When a check is uncrossed a lawful holder may cross it generally or specially. When a check is crossed generally the banker on whom it is drawn must not pay it otherwise than to a banker; when a check is crossed specially the banker on whom it is drawn must not pay it otherwise than to the banker to whom it is crossed. A banker who pays a check crossed generally otherwise than to a banker or a check crossed specially otherwise than to the banker to whom it is crossed is liable to the true owner. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.