Question: When a draft is accepted by a bank, prior and subsequent indorsers are discharged. True False

When a draft is accepted by a bank, prior and subsequent indorsers are discharged.
True
False
When a draft is accepted by a bank, prior and subsequent

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

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

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!

Q:

QUESTION 1 Dawn applies for a life insurance policy with Equity Insurance Company through Fletch, an agent who works for Equity. Dawn pays the initial premium. Fletch writes a binder , which...

Q:

The valuation or allocation assertion relevant to accounts payable ensures that recorded balances reflect the true underlying economic value of the assets. True False 4 points QUESTION 15 The auditor...

Q:

1.One of these promissory notes is not secured by mortgage or any other collateral: a.Bottomry bond b.Mortgage bond c.Debenture d.Insurer's bond 2.First statement: A promissory note that is payable...

Q:

22. Mike signs a note payable to a bank. The bank indorses and negotiates the note to Fay, who then indorses and negotiates it to Sam. Sam presents the note to Mike, who dishonors it. Then Sam...

Q:

1) The following are types of negotiable instruments: A) Verbal promises to pay and electronic certificates of deposit. B) Drafts, including checks, and leases. C) Written promissory notes and...

Q:

1) The following are types of negotiable instruments: A) Verbal promises to pay and electronic certificates of deposit. B) Drafts, including checks, and leases. C) Written promissory notes and...

Q:

Please solve the mutiple-choice questions in the word doc. INTRODUCTION: Commercial Paper & Agency Commercial Paper Commercial paper (under the category of negotiable instruments) is a document...

Q:

Please solve the mutiple-choice questions in the word doc. INTRODUCTION: Commercial Paper & Agency Commercial Paper Commercial paper (under the category of negotiable instruments) is a document...

Q:

10) There are three parties to a draft: a drawer, a drawee and a payee, and the draft must be written. True or false 11) Order paper is converted to bearer paper by a blank indorsement. true or false...

Q:

1. An antedated or a post dated instrument is valid, and it does lot lose it negotiable character just because it is antedated or post dated, provided this is not done for an illegal or fraudulent...

Q:

Nichols Corporation purchased $160,000 of Holly Inc.'s 5.5% bonds at par with the intent and ability to hold the bonds until they mature in 2022, so Nichols classifies his investment as held to...

Q:

Given the home financing of worth Rs. 8.25 million and expected profit of 12.5% by the bank, prepare the diminishing musharakah contract for a period of 15 years.

Q:

Accounting answer please If the assets of a business increased $125,000 during a period of time and the owner's equity in the business increased $80,000 during the same period, the liabilities of the...

Q:

Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,950 gallons @ $9.10 per gallon = $17,745 Purchases: Sales: Mar. 10 790 gals @ $ 9.15 Mar. 5 590 gals Mar. 16...