What Happens When an Instrument Lists Two Payees but Is

Multiple Choice

What happens when an instrument lists two payees but is silent as to whether they are joint or alternative?

A) The instrument is non-negotiable and may not be endorsed by either payee.
B) Courts interpret the instrument as containing joint payees,and the endorsements of both listed payees are required to negotiate it.
C) The instrument may be endorsed by one or the other payee,but may not be endorsed by both payees.
D) Only the endorsement of the first listed payee is required to negotiate it.
E) Courts interpret the instrument as containing alternative payees,and the endorsement of only one listed payee is required to negotiate it.