A Check Is Drawn on Jones Bank by Tamara and Made

question 26

Multiple Choice

A check is drawn on Jones Bank by Tamara and made payable to the order of Chris. Chris indorses it "for deposit only, Acct. 2275, Chris" and gives it to Plainer Bank for deposit. Plainer stamps "pay any bank" on the check along with its indorsement and negotiates it to Stone Bank. Stone Bank simply stamps "Stone Bank" and negotiates it to SmallTown Bank. If SmallTown wants to negotiate it to the electric company to pay its bill, can it?

• A) Yes, because the restrictive indorsement only applied to earlier indorsees.
• B) Yes, because the bank was not responsible for checking more than one indorsement.
• C) No, because an item restrictively indorsed with words such as "pay any bank" is locked into the bank collection system.
• D) No, because the bank must issue its own check for its own bills.

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Definitions:

Explanatory Labels

Informative texts accompanying artifacts or artworks in museums and galleries, providing context, background, and interpretative information to enhance understanding for viewers.

Interior Mosaic Program

The design and implementation of artistic mosaic works within the internal spaces of a structure, often depicting religious, cultural, or historical themes.

Saint Mark's

This term is likely referring to Saint Mark's Basilica, an iconic cathedral in Venice, Italy, known for its opulent design, golden mosaics, and significance in Byzantine and Venetian culture.

Middle Byzantine Architecture

The style of architecture that developed in the Byzantine Empire between the 9th and 12th centuries, characterized by domed churches and the use of mosaics.