Cheque dishonor!, What to do?, How to recover money through legal recourse, Step by step guideline.
Today the use of cheques is quite popular for payment and transfer of money. Use of cheques have become a tradition as it’s accepted by everyone in society and in every aspect of business transaction. However, when any cheque (crossed account payee cheque) is dishonored or bounced and the amount remained unpaid to the payee (The person named in the cheque / Instrument, to whom or to whose order the money is by the instrument directed to be paid, is called the “Payee”.) and cheque is returned by the bank, in such a situation how will you (if you are the payee) legally recover the money and how will you prosecute the drawer (The maker of cheque or bill of exchange, is called drawer)? It is advisable to receive or issue crossed cheques as “account payee only”. Furthermore, it is advisable to take legal advice from an advocate in case of cheque bouncing. In the case of Dishonor of cheque what to do if your (If you are payee) cheque is dishonored and
