Certain property is protected from that judgment

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Reference no: EM132175867

1. Bob went to his bank and completed a written stop payment order on a check he wrote earlier in the day. Which statement below is correct?

a. It is valid for 6 months; after 6 months, if not renewed, the stopped check could be cashed with no liability to the bank.

b. It is valid for 18 months.

c. It is valid for one year.

d. It is valid for thirteen days if given by telephone.

2. Ann, agent/employee for Best Insurance Company, Inc. accepts a check from a customer made payable to her (Ann) in payment for the premium on an insurance policy. Prior to depositing the check in the company’s bank account, Ann indorses the check as follows: "The Best Insurance Company, Inc. by Ann, agent." Assuming that Ann has authority to indorse company checks,

a. Ann is the only payee as she indorsed the check with her name.

b. Neither Paula nor Best Insurance is a payee on this negotiable instrument.

c. Ann and Best Insurance are both payees, based on Ann’s indorsement listing them both.

d. Best Insurance is the payee. Ann is acting solely as agent for Best

3. When a creditor gets a judgment against a debtor, certain property is protected from that judgment. Which choice below is debtor’s personal property exempt from seizure by creditor?

a. clothing

b. all the choices are correct.

c. a vehicle up to a certain dollar limit

d. household furniture up to a certain dollar limit

4. Jane is in charge of payroll for Tyco, Inc. Every week she issues a check in the name of a current employee for more than the employee is owed. The employee deposits the checks at a the employee’s bank after indorsing.The employee splits the overage with Jane. With respect to these checks, which statement is correct?

a. Tyco is not liable because Jane committed fraud against Tyco.

b. Tyco is liable because it authorized Jane to issue payroll checks.

c. Tyco is liable for the full amount of the checks because Jane is broke.

d. Tyco had no knowledge of this embezzlement, so the bank must refund the overpayments.

Reference no: EM132175867

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