Harvey Issued a Check to AgribizCo And, After Mailing the Check

question 1

Multiple Choice

Harvey issued a check to AgribizCo and, after mailing the check, suffered a heart attack and died. In the regular course of business, the bank paid the check when presented by AgribizCo for payment, despite the fact that the bank had received notice fourteen (14) days earlier of Harvey's death. In terms of the bank's payment of the check

• A) the bank is not liable because the payment was made within 20 days of the notification of the death.
• B) the bank is potentially liable to Harvey's estate.
• C) the bank is not liable unless the Harvey's executor posted an indemnity bond.
• D) the bank's authority to act for Harvey ended on his death, regardless of whether the bank had been notified of Harvey's death.

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Definitions:

International Development Association

A part of the World Bank that helps the world’s poorest countries by providing loans and grants for projects and programs that boost economic growth and improve living conditions.

Private Capital Investment

The spending of resources by private individuals or enterprises on assets expected to yield returns over time, such as shares, real estate, or machinery.

Economic Growth

An increase in the output of goods and services in an economy over a period, usually measured by the rise in real GDP, indicating the economy's overall health and prosperity.

DVCs

Depending on context, can refer to Digital Video Cameras or other abbreviations; without a specific context, it's difficult to provide an accurate definition.