Multiple Choice
George,John,Paul,Ringo,and Brian are five friends from Iowa.George owes John $100,John owes Paul $200,Paul owes Ringo $300,and Ringo owes Brian $400.John and Paul find a check belonging to George.John names himself as the payee on the check,fills in $200 as the amount,and forges George's signature on it.He indorses the check to Paul and asks him to consider his debt repaid,while keeping the knowledge of the forgery to himself.Paul,in turn,indorses the check to Ringo and pays Ringo the remaining $100 in cash.Ringo indorses the check to Brian,who presents the check to George's bank and receives payment.Who among the following can the bank recover the money from,once the forgery is detected?
A) George
B) Paul
C) Brian
D) Ringo
Correct Answer:
Verified
Correct Answer:
Verified
Q16: How is a cashier's check different from
Q22: A certified check must contain the _.<br>A)
Q23: The bank where the drawer has a
Q24: An oral order to stop payment of
Q25: Article 3 of the UCC establishes the
Q28: A cashier's check is a(n)_ check.<br>A) single-party<br>B)
Q29: The amount of money a drawer owes
Q30: A forged signature is wholly inoperative as
Q31: The Federal Reserve System was created by
Q37: A(n) _ is an order by the