Question: A check drawn by Cullen for $ 5 0 0 is made payable to the order of Jordan and issued to Jordan. Jordan owes his
A check drawn by Cullen for $ is made payable to the order of Jordan and issued to Jordan. Jordan owes his landlord $ in rent and transfers the check to his landlord with the following indorsement: For rent paid, signed Jordan. Jordans landlord has contracted to have Deborah do some landscaping on the property. When Deborah insists on immediate payment, the landlord transfers the check to Deborah without indorsement. Later, to pay for some palm trees purchased from BetterGarden Nursery, Deborah transfers the check with the following indorsement: Pay to BetterGarden Nursery, without recourse, signed Deborah. BetterGarden Nursery sends the check to its bank indorsed For deposit only, signed BetterGarden Nursery.
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
