A Person Cannot Become an HDC If a Defense Against

question 62

True/False

A person cannot become an HDC if a defense against payment is appar-ent on the face of the instrument.

---

Definitions:

Liquidation

The process of winding down a company by selling off its assets to pay creditors and distribute any remaining assets to shareholders.

Net Pay

Gross pay less payroll deductions; the amount the employer is obligated to pay the employee.

Payroll Taxes

Taxes that employers are required to withhold from employees' paychecks and/or pay on behalf of their employees, including Social Security and Medicare taxes.

Discounting

In finance, refers to the process of determining the present value of a payment or a series of payments that will be received in the future.