The particular fund doctrine is:
A)merely an instruction to pay the instrument.
B)an undertaking to pay, which must be more than acknowledgment of an existing debt.
C)more important under Revised Article 3 than under the prior Article 3.
D)an order or promise to pay only out of a particular fund.

Question

Quizplus · Accepted Answer

The particular fund doctrine pertains to an order or promise to pay out of a specific fund. This means that the payor or drawer must have a specific fund or account from which to draw the payment or order. Therefore, option D is the correct answer.

The Particular Fund Doctrine Is