A Payee Has No Rights in an Instrument Until

question 10

Multiple Choice

A payee has no rights in an instrument until:

• A) the drawer or the maker has delivered the instrument to the payee.
• B) an acceptor has been established.
• C) an accommodation party has signed the instrument.
• D) a guarantor has signed the instrument.

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Definitions:

Youngest

Refers to the most recently formed or newest layer or feature in a geological context.

Layers Deposited

Stratified accumulations of materials such as sediments, volcanic ash, or ice, that settle and build up over time.

Youngest Layer

the most recent geological layer, usually found at the top of a sequence in stratigraphy.

Oldest Layer

Pertains to the earliest or first-formed layer of sediment or rock in a sequence, indicating the earliest period of deposition.