The drawer and any bearer of a cheque may prohibit payment of the cheque in cash by appending the comment “account payee only” or a comment to that effect diagonally across the obverse of the cheque.
In this case the drawee may honour the cheque only by crediting the amount to an account (credit, transfer, debit settlement). The account credit is deemed payment.
Any deletion of the comment “account payee only” is deemed not to have been done.
A drawee acting in contravention of the above provisions is liable for any losses caused thereby, albeit only up to the cheque amount.
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