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A bill of exchange drawn on a banker payable on demand: a common way of settling debts. Cheques may be open or crossed. An open cheque is payable overthe counter provided it is in order. A crossed cheque can only be paid into a bank account. There are various crossings. e.g. not negotiable, account payee only. These have no real legal force, except that where a cheque is marked 'not negotiable' thc holder has no better title than the person from whom he obtained it: for example, if X steals such a cheque and cashes it at Y's shop, Y has no better title to it than X. A bank would also not normally cash or accept a cheque marked 'account ayce only' except for the payee. A cheque is not legal tender.

Reference: The Penguin Business Dictionary, 3rd edt.