Only a Bank May Serve as the Maker of a Certificate

question 46

True/False

Only a bank may serve as the maker of a certificate of a deposit.

---

Definitions:

Third Parties

Individuals or entities not directly involved in a contract or legal agreement, but who may be affected by its outcomes or may hold rights or interests under it.

Perfecting

In the context of security interests, it refers to the legal process of making a security interest enforceable against third parties by taking the necessary statutory steps.

Security Interest

A legal claim or lien on collateral that gives the creditor the right to take possession of the asset if the debtor defaults on their obligations.

Article 9

A provision of the Uniform Commercial Code (UCC) that governs secured transactions or agreements involving personal property as collateral.