Cecilia made a check out to Gideon for $15 . Gideon fraudulently changed the check to read $150, and cashed it at Corner Bank. Is Cecilia discharged from liability on the check?
a. Yes, Cecilia owes nothing on the check because alteration of a check is a real defense and real defenses are good even against holders in due course.
b. No, Cecilia pays $150 because of the impostor rule.
c. No, Cecilia pays $150 because she in not an indorser or accommodation party.
d. Yes, Cecilia owes nothing unless Corner Bank is a holder in due course in which case she owes the original $15.
d
You might also like to view...
Which of the following products would most likely be accounted for using a process cost system?
a. custom-ordered trophies b. luxury cruise ships c. modeling clay d. leather furniture
The United States uses Fahrenheit temperatures, while other countries use Celsius temperatures. This portrays differences in _____.
A. laws B. technologies C. time zones D. standards
By definition, a consumer product is intended to do which of the following?
A) fulfill a consumer desire B) fulfill a business need C) promote a brand D) create a consumer's surplus E) match a customer's perceived utility
The organizational culture norm of how widely shared norms are held across people in the organization is known as ______.
A. the content B. the consensus C. the intensity D. the artifact