CHECKS Markéta Maříková

What is a check? Check is one of the oldest payment instrument with which can be found even today. Is used in countries such as France, Ireland, Malta or the USA. Check is a valuable paper containing an unconditional order from the drawer of the check to the drawee (the bank) to pay for the check amount on the check.

Checks in the Czech republic In the Czech republic, the use of checks regulated Exchange and Cheque Act (191/1950 Coll.), which is in accordance with Geneva Conventions, which is an internationally valid agreement under which the check law regulated in many countries.

To check a document must contain the prescribed requirement. 1) Unconditional order to pay the check amount 2) The word „check“ in the text of the deed 3) Name of the person who has to pay (drawee name) 4) Place a check payment 5) Date a place of issue 6) Signature of issuer

Private and bank checks The difference between them is that the private checks are issued from client from his checkbook. Bank check drawn on the client bank itself. Bank checks exposed the bank to another bank, which has an obligation to pay a check holder in cash, or clearing the account

Checks according to the method transferability Checks may be exposed:  The series – this exposed a specific person and can be transferred to another person endorsements  The name – here is specifically the name of the authorized person and can not be endorsed  The owner – there is no reference to a specific owner or is there a specific name with the clause „or owner“.

Traveler´s checks This check is not check in the true sense of the word. It´s a special payment instrument, which can be purchased at most bank (and some other companies). Traveler´s check denominated in a currency and have a specific values, for example a check for 50 EUR, a check for 20 USD, etc.

Traveler´s checks are particularly advantageous when traveling instead of cash, the are more convenient than credit cards. Lagislation travel check is contained in the Commercial Code.

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Questions 1. Include a check between securities? 2. What law governs the checks? 3. It is a traveler´s check security? If not what law governs it?