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Question
(p. 795; 796) Which of the following statements is true for a restrictive indorsement?
A. A person who purchases a check indorsed "for collection", automatically converts it even if the indorser received the amount paid for it.
B. If an indorser merely signs his name and does not specify to whom the instrument is payable, he has indorsed the instrument in restriction.
C. The person who takes an instrument with a restrictive indorsement need not pay for the instrument consistently with the indorsement.
D. Indorsements for collection or deposit are restrictive indorsements.
Answer
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Related questions
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B. allows only the U.S. attorney general to sue for injunctive relief or the seizure of products to enforce various provisions of the act.
C. permits any private party to sue for an injunction to enforce any CPSC rule or order, if, at the time of the suit, the commission or the attorney general has begun an action based on the alleged violation.
D. allows those injured because of a knowing and willful violation of a CPSC rule or order to sue for damages if the amount in controversy exceeds $100,000.
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B. states that all defenses available to the purchaser against the seller can also be available against the holder in due course.
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A. coinsurance clause
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D. is a draft drawn by a bank on another bank or payable at or through a bank.