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Cengage Advantage Books: Business Law 9th Edition by Arnold Goldman ,William Sigismond
Edition 9ISBN: 978-1133586562Cengage Advantage Books: Business Law 9th Edition by Arnold Goldman ,William Sigismond
Edition 9ISBN: 978-1133586562 Exercise 1
A check written on December 3 is postdated to December 20 of the same year. Which of the following statements is correct?
a. The check ceases to be demand paper and is payable on December 20.
b. A postdated check destroys negotiability.
c. A bank that pays a postdated check early is automatically liable to the drawer for damages.
d. A person who takes a postdated check may not become a holder in due course.
a. The check ceases to be demand paper and is payable on December 20.
b. A postdated check destroys negotiability.
c. A bank that pays a postdated check early is automatically liable to the drawer for damages.
d. A person who takes a postdated check may not become a holder in due course.
Explanation
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Properly Payable Rule:
Regarding the ch...
Cengage Advantage Books: Business Law 9th Edition by Arnold Goldman ,William Sigismond
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