Use the fact situation below to answer the questions that follow. Albert prepares a cheque and has it certified at his bank.However,on his way home,Albert loses the cheque.Albert immediately advises his bank of the loss of the certified cheque,puts a stop payment on it,and asks the bank to replace it with another certified cheque.
In this case,if the certified cheque is negotiated,
A)Albert's advice to the bank of the loss of the cheque discharges the bank from having to honour it.
B)being certified,no stop payment can be put on the cheque and the bank must honour it.
C)Albert can put a stop payment on the cheque and the bank will not have to honour it.
D)the bank can put a stop payment on the cheque and the bank will not have to honour it.
E)none of the above

Question

Quizplus · Accepted Answer

Once a cheque is certified, the bank guarantees its payment and cannot stop payment on it, even if the original owner requests it.

Use the Fact Situation Below to Answer the Questions That