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A Demand Draft is the property of the Payee once it is issued by the Bank. (Bank has the right to presume that the notice of issue being conveyed to the recipient for the purpose of its cancellation and is having a discretionary power and it has got documentation formalities at the time of cancellation and more likely require a document from the payee)
A Banker's cheque on the other hand becomes the property of the Payee only when it is physically handed over to the payee (Banker has no objection in cancellation of the cheque by the purchaser at any date from the date of issue and even after the expiry date)
