UCC Section 3-604 Allows for the Liability Associated with a Negotiable

question 60

True/False

UCC section 3-604 allows for the liability associated with a negotiable instrument to be canceled by the person entitled to enforce the instrument.

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Definitions:

Dishonored Note

A promissory note that has not been paid by the issuer at its maturity date.

Credit Card Expense

Costs associated with accepting credit card payments, including fees and interest charges.

Credit Sales

Sales transactions where payment is not received at the time of sale but is agreed to be paid at a later date, often tracked through invoices.

Major Bank Credit Cards

Credit cards that are widely accepted and issued by large, well-known banks, often featuring various benefits and rewards.