If an instrument is drawn in favor of an officer of a named corporation,the instrument is payable to the corporation,the officer,or any successor to such officer.

Question

Quizplus · Accepted Answer

This is because the instrument is drawn in favor of an officer of the corporation, meaning it is intended to benefit the corporation. Therefore, the instrument is payable to the corporation, as well as the named officer and any successor to that officer.

If an Instrument Is Drawn in Favor of an Officer