The first transfer of a negotiable instrument to the payee (a holder) by the maker or drawer is called an issue.
Correct Answer:
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Q1: One who takes possession of an instrument
Q3: A negotiable instrument may be negotiated by
A)
Q4: A check made out to "cash" is
Q5: Johnson makes out a promissory note payable
Q6: An indorsee is the person who receives
Q7: An order instrument is negotiated by
A) delivery
Q8: Once a restrictive indorsement is used, the
Q9: The person to whom a negotiable instrument
Q10: Blank indorsements turn order instruments into bearer
Q11: A bearer instrument is negotiated by delivery
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