Uniform commercial code post dating checks

In 1717, the Bank of England pioneered the first use of a pre-printed form.

These forms were printed on "cheque paper" to prevent fraud, and customers had to attend in person and obtain a numbered form from the cashier.

Etymological dictionaries attribute the financial meaning to come from "a check against forgery," with the use of "check" to mean "control" stemming from a check in chess, a term which came into English through French, Latin, Arabic and ultimately from the Persian word "shah" or "king".

The cheque had its origins in the ancient banking system, in which bankers would issue orders at the request of their customers, to pay money to identified payees.

By the 17th century, bills of exchange were being used for domestic payments in England.

Cheques, a type of bill of exchange, then began to evolve.

Daily cheque clearing began around 1770 when the bank clerks met at the Five Bells, a tavern in Lombard Street in the City of London, to exchange all their cheques in one place and settle the balances in cash. In America, the Bank of New York, after its establishment by Alexander Hamilton in 1784, began issuing cheques.

Since then cheque usage has fallen, being partly replaced by electronic payment systems.

Their use subsequently spread to other European countries.

In the early 1500s in the Dutch Republic, to protect large accumulations of cash, people began depositing their money with "cashiers". Competition drove cashiers to offer additional services including paying money to any person bearing a written order from a depositor to do so. This concept went on to spread to England and elsewhere.

Both the drawer and payee may be natural persons or legal entities.

Cheques are order instruments, and are not in general payable simply to the bearer as bearer instruments are, but must be paid to the payee.

Search for uniform commercial code post dating checks:

uniform commercial code post dating checks-69uniform commercial code post dating checks-86

Leave a Reply

Your email address will not be published. Required fields are marked *

One thought on “uniform commercial code post dating checks”