A check
(anglicized check or check) is an accounting document of value in which the person is authorized to withdraw money from an account (for example, the owner), extends to another person authorized to withdraw a certain amount of money your account which is expressed in the document, regardless of the presence of the bank account holder.
The check is a security to order or bearer and abstract whereby a person, called a drawer, orders unconditionally to a lender payment to the sight of a sum of money in favor of a third person named beneficiary .
- The check can be issued only when they meet the following requirements:
- The quality of being rid of a credit institution which held a contract with the drawer: Banks receive money from your customers are obliged to return to the view, when the client requires. To document the payment orders from customers using checks.
- Available funds: The availability of funds is also a regular budget of the check; budget whose existence has no bearing on the effectiveness of the title, and whose absence is also sanctioned.
- That the drawer has been authorized by the drawee to issue checks drawn on the account of the drawer.
Requirements
Mention check be inserted in the text of the document
Place and date of issue of:
- The unconditional order to pay a specified sum of money
- The name of the drawee. (a lender)
- The place of payment.
- The company already paid.
- It may also be of these requirements depends on the check with which to effect change.
The check is payable at the time of filing the drawee. As receivable that is, the payment of the check should be done precisely against delivery.
