The conditional liability of indorsers may be disclaimed

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Reference no: EM132217426

1. A draft may require the payor of the draft to do all of the following, except:

A) Pay the holder of the draft a definite amount of money.

B) Pay the holder of the draft money on demand.

C) Pay the holder of the draft on a fixed date in the future.

D) Pay the holder of the draft a higher rate of interest if a future event occurs.

2. If a substantial amount of time has elapsed from the date the check was made out to the date it is presented to the bank for payment, the check is said to be

A) Lapsed

B) Stale

C) Overdue

D) Post-dated

3. Al wrote a check to Megan which she endorsed and deposited in her account. Which of the following events must occur before Megan will be liable on the check?

A) Presentment of the check

B) Dishonor by the drawee bank

C) Notice of the dishonor to Megan

D) All of the above are required

4. The conditional liability of indorsers may be disclaimed if they indorse a negotiable instrument with the words __________.

A) Without recourse.

B) Payment in full.

C) For deposit only.

D) Payment upon demand.

Reference no: EM132217426

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