Help Save & Exit A certificate of deposit is: Multiple Choice an instrument containing on acknowledgment by a bank that it has receved a deposit of money and a promise to repay the sum of money the most widely used form of commercial paper that is a draft payable on demand and drawn on a bank an instrument in which the maker makes an unconditional promise to pay ofwed amount of money with interest to the payee on demand an instrument in which the maker makes an unconditional promise to pay amount of money without interest to the yee at the specified future crne Which of the following statements is true of a restrictive indorsements Multiple Choice A person who purchases a check Indorsed or collection automatically converts t even if the indorser received the amount paid for it It includes Indorsements for collection, which are commonly put on by banks involved in the collection process, and Indorsements for deposit If an Indorser merely signs his name and does not specify to whom the instrument is payable, he has indorsed the instrument in restriction A person who takes on instrument with a restrictive Indorsement should not pay for the instrument consistently with the indirsement The terms of the contract of the parties to a negotiable instrument are set out in: Multiple Choice 27 Article 3 of the Uniform Commercial Code. 8 Article 5 of the Uniform Commercial Code. the cashier's check. the text of the instrument