Reference no: EM13968944
Real defences:
a. May be asserted against anyone, except a holder in due course.
b. May be asserted against anyone, including a holder in due course.
c. May only be asserted against banks and other financial institutions.
d. Are no longer recognized as valid under the Uniform Commercial Code.
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.
The term “banking day” is best defined as:
a. All days in a calendar year in which banks observe holidays.
b. That part of any day when banks offer reduced interest rates on small business loans.
c. A designated day in the work week in which banks will provide certain services to the public.
d. That part of any day on which a bank is open to the public for carrying on substantially all banking functions.
If necessary to protect an account receivable, a bank can seize deposits under its right of:
a. Restitution.
b. Garnishment of wages.
c. Setoff.
d. Redemption.
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Consumer product classes discussed in the text
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Protection from personal liability for debts of business
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The term banking day is best defined
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