Legal and Jurisprudential Nature of Lending Check Paper

Most of the time, a person asks another to give him one or more check paper to perform some act and the latter responses him affirmatively. For example, he might have purchased some goods in credit or made used of service of an employee or obtained an insurance policy in installments and need some check papers to pay the price or insurance premium. Checks issued in these circumstances are usually postdated and the receiver of the check paper intends to have opportunity for providing its money.
This act is termed in common usage lending check paper but the nomination cannot be trusted. Jurisprudential and legal nature of such check is debatable and it could be adapted to various legal institutions such as lending, mortgage, guarantee, assignment of debt and obligation to pay by third party.
Relations between the parties to such a check are governed by different rules according to its nature and forms. The article endeavors to study the question from jurisprudential and legal viewpoints.