A Bank Always Is Liable to the Depositor on a Forged

question 38

True/False

A bank always is liable to the depositor on a forged check that the bank has paid.

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Definitions:

Par Value

The face value of a bond or stock as stated by the issuing company, which may differ from its market value.

Stock

Shares in the ownership of a company, representing a claim on part of the corporation's assets and earnings.

Share

A unit of ownership in a company or financial asset that gives the holder a claim on part of the company's assets and earnings.

Transfer Agent

An entity appointed by a corporation to maintain records of investors, account balances, and transactions; to issue and cancel shares; and to handle share transfers.