A Holder Does Not Take an Instrument for Value If

question 67

True/False

A holder does not take an instrument for value if he or she gives a negotiable instrument as payment.

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Definitions:

Pocket Veto

A legislative maneuver that allows a president or governor to indirectly veto a bill by retaining it unsigned until it is too late for it to be dealt with during the legislative session.

Congress Adjourns

The formal conclusion or suspension of a legislative session, after which members of Congress leave to return at a later date or for the end of the session.

Veto Message

A statement issued by the president of the United States when vetoing a piece of legislation, outlining his reasons for doing so.

Electoral College

A body of electors established by the United States Constitution, which formally selects the President and Vice President based on the popular vote in each state.