Question: Raye Walker was a bookkeeper for O.K. Moving & Storage Company. She opened a checking account in her name at Elgin National Bank. She then

Raye Walker was a bookkeeper for O.K. Moving & Storage Company. She opened a checking account in her name at Elgin National Bank. She then took checks that were made payable to O.K. Moving & Storage, indorsed them "For Deposit Only, O.K. Moving & Storage Co., 80 Carson Drive, N.E., Fort Walton, Florida," and deposited them in her individual account at Elgin National Bank. In a period of one year, she deposited, and Elgin Bank accepted for deposit to her account, checks totaling $19,356.01. When O.K. Moving & Storage discovered this, it sued Elgin Bank for $19,356.01 for conversion of its checks. Should Elgin Bank have permitted the checks restrictively indorsed "For Deposit Only" to a corporation's account to be deposited to an individual account?

Step by Step Solution

★★★★★

3.50 Rating (160 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

No Elgin Bank had to repay OK Moving Storage for all the restrictively indorsed checks ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

310-L-B-L-C-T (43).docx

120 KBs Word File

Students Have Also Explored These Related Business Law Questions!

Marta placed $50,000 into a savings account in her name and the name of her son. Later this year, the son withdraws $17,000 from the account. Marta made no other gifts to her son this year. Marta has...

Which function of money has already undergone big changes as technology has evolved? Multiple Choice unit of account means of payment store of v store of deferred payment

Carson Manufacturing Company was started on January 1, 2014, when it acquired $2,500 cash from the issue of common stock. During the first year of operation, $800 of direct raw materials was...

Homework Question - Prepare an analysis of a casefrom Chapter 5, page # 121, '' A Wolf In Sheeps Clothing '' (no more than 2 or 3 pages, double spaced). And give an answer on following: - A summary...

I've attached the assignment as a word file, thanks! JWCL165_c07_304-355.qxd 7/31/09 2:05 PM Page 304 7 Fraud, Internal Control, and Cash Chapter STUDY OBJECTIVES After studying this chapter, you...

Select any two topics and a summary on those two topics and pages are 3 to 4 Fraud, Internal Control, and Cash 8 CHAPTER PREVIEW FEATURE STORY As the Feature Story about recording cash sales at...

Please answer all the results for MM challenge on Page 38. Need all the steps as a snapshot like the case study CASE STUDY Materials Management (MM) Case Study Product SAP ERP 6.08 Global Bike Level...

Please Show the results for MM challenge on page 37 based on the case study. CASE STUDY Materials Management (MM) Case Study Product SAP ERP 6.08 Global Bike Level Undergraduate Graduate Beginner...

There are two problems due this week (each worth 35 points) as follows. Problem 1.6 (page 20) In comprehensive paragraphs, answerrequirements a to e. You will have 5 paragraphs total of four to five...

Describe the various management accounting controls used both before and after Al Fiorini went back to university to complete his MBA. Make sure that you classify the management accounting controls...

A printing company estimates that it will require 1,000 reams of a certain type of paper in a given period. The cost of carrying one unit in inventory for that period is 50 cents. The company buys...

Consider two concentric spheres with diameters 12cm and 18cm forming an enclosure. The view factor, from the inner surface of the outer sphere to its own, is 5 (a) 1 (c) / (d) o (b) 4 - 9

The rule that the nominal interest rate is the sum of the real interest rate and the expected rate of inflation over a specific period is called _ _ _ _ _ _ _ _ . the law of one price purchasing...

You own a put option on a Brambles share with an exercise price of $10. The option will expire in exactly six months time. a. If the share is trading at $8 in six months, what will be the payoff of...

Were there warning signs that Price Waterhouse should have noticed?

Is Price Waterhouse liable?

Is this outcome fair?

You hold 100 shares of Harrington Motors, a dividend-paying stock, that generated a total return for 2012 of -5.05 percent. Which one of the following must be true? Harrington is experiencing...

Indicate whether each of the following would be in the section of financial statements identified as a) current asset b) property, plant, and equipment c) current liability d)revenue or e) expense 1....

What is the realized return percent? The following table contains prices and dividends for a stock. All prices are after the dividend has been paid. If you bought the stock on January 1 and sold it...