Robinson had purchased a certificate of deposit ( CD) from a bank and had the instrument made payable to him. On its face, the instrument stipulated that if Robinson was deceased at the time the instrument was to be paid, that payment should be made to his stepdaughter, Wygant ( payee). Before the note was due, Robinson remarried and changed the name of the payee from Wygant to that of his new wife. When Robinson died, Wygant claimed the proceeds from the CD. Her contention was that the CD was a negotiable instrument that required her to sign it before it could be transferred to Robinson’s new wife. Was Wygant correct?
Answer to relevant QuestionsWhat is the significance of an instrument qualifying as a negotiable instrument when it comes to its transferability? Wilson, office manager of P & R Dental Supply Company, was confronted with a discrepancy in her company’s inventory by an auditor reviewing the company’s books. She had cashed several checks and kept the money for her ...An HIDC will take free of which of the following defenses? a. serious duress b. fraud in the execution c. a wrongfully filled- in amount payable that was omitted from the instrument d. an instrument with a forged indorsement Locke gave a promissory note to Consumer Foods, Inc. The note read, in part, “ Buyer agrees to pay to Seller.” Consumer Foods assigned the note to Aetna Acceptance Corporation. When the note wasn’t paid and Aetna ...At a book fair on August 15, Lee, an encyclopedia salesperson, talked Tanaka into purchasing a set of encyclopedias for $ 450. Tanaka gave Lee a check for $ 450. Later in the day, Tanaka changed her mind about purchasing the ...
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