Multiple Choice
When can a transferee bring suit against a transferor for a breach of warranty regarding a negotiable instrument?
A) As soon as a transferee discovers a breach of warranty has occurred,he or she can bring suit against the transferor.
B) A transferee must wait at least 3 business days after he or she discovers that a breach of warranty has occurred before bringing suit against the transferor.
C) A transferee must wait at least 5 calendar days after he or she discovers that a breach of warranty has occurred before bringing suit against the transferor.
D) A transferee must wait at least 10 business days after he or she discovers that a breach of warranty has occurred before bringing suit against the transferor.
E) A transferee must wait at least 30 calendar days after he or she discovers that a breach of warranty has occurred before bringing suit against the transferor.
Correct Answer:
Verified
Correct Answer:
Verified
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