Multiple Choice
Morris issued a check to Al in payment of a debt. There were sufficient funds in Morris' account to cover the check when it was presented for payment. However, due to an error, the bank dishonored the check. Which of the following parties is/are potentially liable to the holder?
A) the drawee bank only
B) Morris and the drawee bank
C) Morris only
D) the drawee bank and any collecting bank
Correct Answer:
Verified
Correct Answer:
Verified
Q7: A buyer may stop payment on a
Q8: All of the following are correct concerning
Q9: If a bank pays a check whose
Q10: The Electronic Fund Transfers Act (EFTA) covers
Q11: The fact that a stop payment on
Q13: Funds transfers made by businesses are governed
Q14: A consumer who notifies the issuer of
Q15: In a complex funds transfer, an intermediary
Q16: A written stop payment order is binding
Q17: An oral stop payment order is binding