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.

---

Definitions:

British North America Act

Historical legislation passed in 1867, uniting three colonies into the Dominion of Canada, now known as the Constitution Act, 1867.

Constitution Act

A set of laws and principles that establishes the makeup and operation of a government.

Civil Code

A comprehensive set of laws that govern civil transactions and disputes, typically codifying areas such as contracts, property, and family law.

Common Law

A legal system based on judicial decisions and precedents rather than statutory laws.