When she went to her bank to obtain a certified cheque for the $35 000 cash to close regarding her house purchase,Kellie endorsed the $20 000 cheque her mother gave her and requested that the remaining $15 000 be withdrawn from her savings account.Kellie requested that the certified cheque be made payable to "Sheps & Shaps LLP in trust." In this instance,which of the following is most likely to characterize the nature of the endorsements?

Question

When she went to her bank to obtain a certified cheque for the $35 000 cash to close regarding her house purchase,Kellie endorsed the $20 000 cheque her mother gave her and requested that the remaining $15 000 be withdrawn from her savings account.Kellie requested that the certified cheque be made payable to "Sheps & Shaps LLP in trust." In this instance,which of the following is most likely to characterize the nature of the endorsements?

Quizplus · Accepted Answer

Kellie's endorsement of the $20,000 cheque from her mother is likely an endorsement in blank, as she is endorsing it to be deposited or cashed without specifying a particular endorsee. The request for the certified cheque to be made payable to "Sheps & Shaps LLP in trust" is a restrictive endorsement, as it specifies that the funds are to be used for a particular purpose or beneficiary.

When She Went to Her Bank to Obtain a Certified