Question: FOR THE FOLLOWING QUESTIONS, INDICATE ON YOUR TEST QUESTION SHEET WHETHER THE ANSWER IS TRUE OR FALSE. 7. When a bank draws a check on

FOR THE FOLLOWING QUESTIONS, INDICATE ON YOUR TEST QUESTION SHEET WHETHER THE ANSWER IS TRUE OR FALSE.

7. When a bank draws a check on itself, the negotiable instrument is called a cashiers check

8. When a series of forgeries by the same wrongdoer occurs , the UCC provides that the customer, to recover for all forged items; must have discovered and reported the first forged check to the bank within "sixty calendar days from receipt of his bank statement.

9. Warranty liability is subject to the conditions of proper presentment, dishonor and notice of dishonor.

10 A person whose name is forged on an instrument is liable to pay only a holder in due course the value of the forged instrument.

11. If an ATM fails to operate properly due to electrical failure, one of the defenses a bank make use under the EFT Act is commercial impracticability.

12. A person who purchases a negotiable instrument as part of a "bulk sale cannot become an HDC

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