Under the Restatement, If There Are Successive Assignments of the Same

question 22

Multiple Choice

Under the Restatement, if there are successive assignments of the same right:

• A) the first assignee to notify the obligor prevails.
• B) a subsequent assignee is entitled to the assigned right unless a prior assignee gave value and obtains either a judgment against the obligor or a new contract with the obligor.
• C) a prior assignee is entitled to the assigned right to the exclusion of a subsequent assignee in most circumstances.
• D) the latest assignee is usually entitled to the assigned right.

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Definitions:

Bank Service Charges

Fees charged by banks for various account and transaction services provided to customers.

Bank Reconciliation

The process of matching and comparing figures from accounting records against those shown on a bank statement to ensure accuracy and consistency.

Journal Entries

The record of all financial transactions in the double-entry bookkeeping system of a company, each entry consisting of a debit and credit.

Credit Memos

Documents issued by a seller to a buyer, reducing the amount that the buyer owes to the seller under previous agreements.