Asked by
Sachin Jayasinghe
on Nov 28, 2024Verified
Kira forges Lew's name as the drawer of a stolen check, drawn on Metro Bank, and makes the item payable to Kira. Lew is liable to pay the amount to
A) no one.
B) ordinary holders only.
C) ordinary holders, HDCs, and holders through HDCs.
D) HDCs only.
Forge
To create a fake version of something, such as a document or signature, with the intent to deceive.
HDCs
Stands for Holders in Due Course, referring to parties holding a negotiable instrument free from certain defenses and claims.
Drawer
In banking, the person who writes or creates a check. In the context of furniture, it is a sliding storage compartment.
- Illustrate the outcomes of adjustments, counterfeit activities, and unsanctioned signatures on negotiable instruments.
- Acquire knowledge on the fundamentals of holder in due course (HDC) and the defenses allocated to HDCs.
Verified Answer
SB
Learning Objectives
- Illustrate the outcomes of adjustments, counterfeit activities, and unsanctioned signatures on negotiable instruments.
- Acquire knowledge on the fundamentals of holder in due course (HDC) and the defenses allocated to HDCs.