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Question
In case of ___________ cheque the amount is paid immediately across the bank counter to the person possessing the cheque.
In case of ___________ cheque the amount is paid immediately across the bank counter to the person possessing the cheque.
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Solution
The correct option is A Bearer
The cheque which can be transferred by mere delivery is known as bearer cheque. This cheque needs no endorsement. In simple words a cheque which is payable to any person who presents it for payment at the bank counter is called 'Bearer cheque'. It is also known as open cheque when it is not crossed whether it is made payable to bearer or order.
The cheque which can be transferred by mere delivery is known as bearer cheque. This cheque needs no endorsement. In simple words a cheque which is payable to any person who presents it for payment at the bank counter is called 'Bearer cheque'. It is also known as open cheque when it is not crossed whether it is made payable to bearer or order.
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