Acme Bank is the payee on a negotiable note made by Taylor Reed. Acme Bank sells the note to XYZ Investment Company. The note is endorsed by Acme “without recourse” to XYZ. After the sale, XYZ discovers that the signature of Taylor Reed on the note is a forgery. Taylor refuses to pay the note. Can XYZ recover its loss from Acme Bank?
Fill in the blank(s) with the appropriate word(s).
Yes, XYZ can recover from Acme Bank the loss caused by the forgery.. An endorser of a negotiable note makes certain warranties to the new owner of the note. One of the warranties is that all signatures on the note are genuine and not forgeries. An endorsement “without recourse” does not release the endorser, Acme Bank, from these warranties.
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A trial notebook is likely to include which of the following??
A. ?Copies of the pleadings B. ?Interrogatories C. ?Deposition transcripts and summaries D. ?Pretrial motions E. ?All of these choices are correct.
A qualified _______________ interest property trust is a tax provision that allows a trustor to create a trust giving a life interest of all the income of the trust to a surviving spouse, with the remainder of the trust property passing to another beneficiary.
Fill in the blank(s) with the appropriate word(s).
A reporter has a responsibility to accept assignments that are within his/her competency
a. True b. False
Corpus Juris Secundum does not:
a. Cite reported federal and state cases. b. Provide cross-references to articles in American Law Reports, Restatement of the Law, legal periodicals, and other practice books. c. Uses the Key number system present in all West publications. d. None of the above.