A Draft Is Payable "To the Order of Joe Jones

question 50

Multiple Choice

A draft is payable "to the order of Joe Jones or to bearer." Sally finds it and demands payment.Should the drawer pay Sally?

• A)No, unless Joe Jones's name is crossed off.
• B)No, unless "bearer" is handwritten.
• C)Yes, since the word "or" is contained in the instrument, either will do.
• D)No, the terminology is ambiguous and therefore must be paid only to the order of Joe Jones.

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