| Author: | |
| Title: | British business law |
| Journal: | Journal of Business Law
1998 : MAY, 3, p. 250-296 |
| Index terms: | UNITED KINGDOM COMMERCIAL LAW BANKING |
| Language: | eng |
| Abstract: | Under the traditional banking procedure, as spelt out in the Clearing House Rules, cheques are presented for payment through the clearing house to the branch on which they are drawn. The ensuing cumbersome clearing cycle involved is to be abrogated under a system sanctioning cheques truncation introduced in the wake of the promulgation of the Deregulation (Bills of Exchange) Order 1996. According to section 74 A of the Bills of Exchange Act 1882, a bank may by a notice published in the London, Edinburgh and Belfast Gazettes specify an address which cheques drawn on it may be presented for payment. |
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