Wayne issues a draft payable to Molly.Molly indorses the draft in blank on the back and gives it to Jerry.Which of the following statements correctly describes the status of this instrument?
A) The draft started out as bearer paper,but Molly converted it to order paper.
B) The draft started out as order paper,but Molly converted it to bearer paper.
C) The draft started out as bearer paper and it is still bearer paper.
D) The draft started out as order paper and it is still order paper.
Correct Answer:
Verified
Q27: A holder of a negotiable instrument is:
A)
Q28: Which of the following is not required
Q29: A holder,through a holder in due course,qualifies
Q30: A holder cannot become a holder in
Q31: To qualify as a holder in due
Q33: Negotiation of which type(s)of instrument requires indorsement?
A)
Q34: The negotiation of an order instrument requires:
A)
Q35: Even though an unperformed promise qualifies as
Q37: The transfer of a negotiable instrument in
Q38: With respect to negotiable instruments,the "red light
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents