XYZ Bank Pays a Check That Contains a Restrictive Indorsement

question 53

Multiple Choice

XYZ Bank pays a check that contains a restrictive indorsement "for collection." This indicates that:

• A)the bank has paid the check illegally.
• B)the bank has not acted in good faith.
• C)the bank was negligent with the payment of the check.
• D)the bank has converted the check.

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Definitions:

Learning

The acquisition of knowledge or skills through experience, study, or being taught.

Knowledge

Knowledge is the understanding, awareness, or familiarity gained through education, experience, or research on a particular subject.

Pension Plans

Retirement plans that require an employer to contribute to a pool of funds set aside for a worker's future benefit, invested on the employee's behalf.

Older People

A demographic group typically defined as individuals of advanced age or the later part of life, often considered to be those 65 years old and above.