A ________ Is an Instrument Issued by a Bank or Another

question 32

Multiple Choice

A ________ is an instrument issued by a bank or another person at the request of an account party that obliges the issuer to pay to a beneficiary a sum of money within a certain period of time upon the beneficiary's presentation of documents specified by the account party.

• A) bill of lading
• B) cashier's check
• C) certificate of deposit
• D) letter of credit

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Definitions:

Rights to Possess

This refers to the legal right of an individual or entity to have control over a property or asset.

Tenant in Common

A form of joint ownership of property where each owner has an undivided interest, and there is no right of survivorship.

Surviving Owners

Surviving Owners refers to individuals who continue to possess ownership rights in a property or asset after the death or withdrawal of other co-owners.

Fixture

An item of personal property that has become so closely associated with real property that it is legally regarded as part of that real property.