Blog

Omar receives a check from Trudy drawn on Shelfari Bank. Shelfari Bank improperly dishonors the check when Omar attempts to cash it. Which of the following is true of this case?

Winston was going to be out of town on September 1, when his rent would be due. On August 20 he gave his landlord Becky a check dated September 1, with instructions not to deposit or cash the check until September 1. As the instructions to Becky were clear, he did not notify the bank of the postdated check. On August 21, Becky deposited the check in her account at her bank and the check was dishonored on August 23. Which of the following is true of this scenario?

Carol borrows $50,000 to purchase seven industrial Xerox copying machines, and open up her own copy shop. The bank loan requires that Carol grant the bank a security interest in any property acquired after the original agreement is signed. After she shows the loan letter to Xerox, it agrees to sell her the copiers for $80,000 to be paid over five years. Who has priority in the copying machines?

Stan commits securities fraud and takes $5,000,000 from a variety of investors. Stan is convicted of a crime and then sued by the investors. Stan files for bankruptcy. What relief will the bankruptcy filing grant Stan?

Lucia had a homeowner’s insurance policy on her house. While she was away on vacation, her porch got burned to the ground. After the fire, her house was burglarized and goods worth thousands of dollars were stolen from it. When Lucia arrived home, she called the police. While a police officer was interviewing her in her dining room, a chandelier fell on him and knocked him unconscious. Which losses will Lucia’s homeowner’s policy cover?

The first bank to which an item is transferred for collection is called a(n) ____________ bank.

A consumer has the right to claim an expedited credit if the customer asserts in good faith that the:

Which of the following tissues forms the outer protective covering of the plant? 

Which of the following is true of the relationship between the drawee bank and its customer?

Brianna repaid a $600 loan to her friend, Sharkey. She made the check payable jointly to Sharkey and Sharkey’s daughter, Evie, even though she intended Sharkey to have the entire interest in the repaid debt.