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Free Books / Finance / Canadian Banking Practice / |  |
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Cheque Made Payable After Date - Drawee Entitled To Days Of Grace |
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This section is from the book "Canadian Banking Practice", by John T. P. Knight.
This section is from the "" book, by .
Question 58. - A cheque dated 4th November, contains in the body the following instructions: "On 20th November pay $50." Are these instructions binding, and is the drawee entitled to days of grace?
Answer. - This is a bill of exchange payable on 20th November, with three days' grace. It is not a cheque, because it is not payable on demand.
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