If an Issuer Forgets to Write the Date on a Check

question 40

Multiple Choice

If an issuer forgets to write the date on a check, what is the effect?

• A) The payee may write in the date consistent with the intent of the issuer, but must put a notation on the check to the effect that it was altered.
• B) The payee may write in the date consistent with the intent of the issuer and may transfer the check to a holder in due course.
• C) The payee may write in the date consistent with the intent of the issuer, but may not transfer the check to a holder in due course.
• D) The check is no good, cannot be completed by anyone, and should be destroyed.
• E) The check is good only if the payee can get in touch with the issuer and have the issuer fill in the appropriate date.

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Definitions:

Commercial Lease

A legally binding contract used when renting business property to or from another individual or company.

Lessor

The owner of a property or asset who leases it out to another party, known as the lessee, under a rental agreement.

Involuntary Bailment

A situation where an individual unintentionally comes into possession of someone else's property and has a legal duty to take care of it.

Bailor

The owner giving up possession of property in a bailment.