Economics · Economy
In the case of a cheque made payable to joint payees 'X and Y', how should the bank legally process the payment upon presentation?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The cheque can be cashed by X alone without requiring Y's signature or endorsement.
- 2The cheque can be paid to either party entirely at the bank's sole discretion.
- 3The cheque must be paid or endorsed jointly by both X and Y.✓
- 4The cheque can be paid to either X or Y individually at their choice.
Correct answer
The cheque must be paid or endorsed jointly by both X and Y.
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