Payable to the order of tom jones

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Reference no: EM132175864

Tom Jones received a check stating “payable to the order of Tom Jones.” Tom indorsed the check as follows: Pay Raymond Jones /s/ Tom Jones Raymond negotiated the check to his landlord for his (Raymond’s) past due rent. Raymond indorsed the check as follows: Pay Larry Landlord, Without Recourse /s/ Raymond Jones With regard to Raymond’s indorsement, which statement is correct? a. Tom eliminated his signature liability as an indorser by the type of indorsement he used (that is, when he wrote “Pay to Raymond Jones.”) b. Raymond’s is a qualified indorsement. If the issuer of the check does not honor the check, Raymond has no liability based on his indorsement to pay. c. Raymond indorsed in blank. He has secondary contractual liability on the check as an indorser. d. Tom has no contractual liability based on his indorsement. He is only the payee.

Reference no: EM132175864

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