Cheques Act 1992

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A UK Act of Parliament that gives legal force to the words ‘account payee only’ on cheques, making them non-transferable and thus stopping fraudulent conversion of cheques intercepted by a third party. Banks require the express permission of a customer to cash an endorsed cheque. Within weeks of the legislation most High-Street banks introduced new cheque books with the words ‘account payee’ printed on each cheque.

Subjects: Financial Institutions and Services.

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