A Note Receivable Discounted with Recourse Is

Multiple Choice

A note receivable discounted with recourse is:

A) An outright sale of a note receivable to a bank and the bank assumes liability.
B) A contingent liability and an outright sale of a note receivable to the bank.
C) A contingent liability.
D) Sold to a bank and the bank assumes liability.
E) An outright sale of a note receivable to a bank.