Instruments bearing joint payees require the endorsement of ________ before the instrument may be negotiated.
A)any one of the listed payees
B)a majority of the listed payees
C)the most senior (i.e.,the oldest)payee
D)all listed payees
E)the drawee bank

Question

Quizplus · Accepted Answer

Joint payees exist when an instrument lists more than one person as a payee and the instrument is to be payable to all the listed payees,typically indicated by the word and.In the event of joint payees,the instrument would read,"Pay to the order of Smith and Jones." Instruments bearing joint payees require the endorsement of all listed payees before the instrument may be negotiated.

Instruments Bearing Joint Payees Require the Endorsement of ________ Before