Emily Gave Pierre a Cheque for $5000 as Payment for the Car

question 35

Multiple Choice

Emily gave Pierre a cheque for $5000 as payment for the car he sold her.Pierre owed Henry $5000,and he provided Emily's cheque to Henry to satisfy the debt.Henry couldn't make it to the bank,so he gave it Nigel to deposit for him.How did Henry's bank respond to Nigel's request to deposit the cheque?

• A) The Bills of Exchange Act required the bank to hold the cheque for 10 days.
• B) Provided all endorsements were in order,the bank accepted the cheque for deposit.
• C) The bank refused the cheque because acceptance effectively extended credit.
• D) The bank was required by FINTRAC to verify the validity of the transaction.

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