A(n) _______ Gives an Agent an Interest in the Property

question 32

Multiple Choice

A(n) _______ gives an agent an interest in the property with which she is dealing.

• A) special agency
• B) agency with an interest in the authority
• C) general agency
• D) agency with an interest in the subject matter

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Definitions:

Collecting Bank

A bank that handles the presentation of payment documents, such as checks, for a depositor.

Endorser

A person who signs a negotiable instrument on the back to transfer ownership or to guarantee payment to someone else.

Secondarily Liable

Refers to the obligation to pay a debt or fulfill an obligation only if the primary party responsible fails to do so.

Drawer

The party that writes or creates a bill of exchange, such as a check, commanding a payment to be made to a specified person or entity.