Stale dating definition

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The maker of a check can discourage late presentment by writing the words “not good after X days” on the back of the check.A cheque or check (American English; see spelling differences) is a document that orders a bank to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued.These cheque books became a common format for the distribution of cheques to bank customers.In the late 19th century, several countries formalized laws regarding cheques.In the 13th century in Venice the bill of exchange was developed as a legal device to allow international trade without the need to carry large amounts of gold and silver.Their use subsequently spread to other European countries.However, since the 19th century, the spelling cheque (from the French word chèque) has become standard for the financial instrument in the Commonwealth and Ireland, while check is used only for other meanings, thus distinguishing the two definitions in writing.

By the 17th century, bills of exchange were being used for domestic payments in England.Cheques are order instruments, and are not in general payable simply to the bearer as bearer instruments are, but must be paid to the payee.In some countries, such as the US, the payee may endorse the cheque, allowing them to specify a third party to whom it should be paid.The suppression of banknotes in eighteenth-century England further promoted the use of cheques.Until about 1770, an informal exchange of cheques took place between London banks.

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