Bob Took a Check Written by Jack to Jack's Bank

question 66

Multiple Choice

Bob took a check written by Jack to Jack's bank to be certified.The bank stamped "Certified" on it and gave it back to Bob.What consequence?

• A) Bob can only demand the money from Jack.
• B) Bob can only demand the money from the bank.
• C) Bob would have to pay if the bank doesn't.
• D) The bank would have to pay if Jack doesn't.

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Definitions:

Dodd-Frank Act

A United States federal law that places regulation of the financial industry in the hands of the government, aimed at reducing risks in the financial system.

Consumer Financial Protection Bureau

A U.S. government agency aimed at ensuring consumer protection in the financial sector and enforcing laws related to financial products and services.

Legislative Approval

The formal consent given by a legislative body to enact a proposed piece of legislation into law.

ARMs

Adjustable-Rate Mortgages, which are loans with interest rates that change over time based on market conditions.