A Statement in an Instrument That Payment Can Be Made

question 61

True/False

A statement in an instrument that payment can be made only out of a particular fund renders it nonnegotiable.

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Definitions:

Writing

Writing refers to the recording of characters on a medium, enabling communication or documentation across time and space.

State Supreme Court

The highest judicial court in a U.S. state, responsible for interpreting state laws and constitutions.

Illegal

Actions or activities that are prohibited by law and subject to sanctions.

Option Contract

A legal agreement in which a buyer has the right but not the obligation to buy or sell an asset at a pre-agreed price within a specified period.