Which of the Following Is True Regarding When,and If,the Note

question 9

Multiple Choice

Which of the following is true regarding when,and if,the note was initially dishonored?

• A) The note has never been dishonored because Henry's right to receive payment on the note from someone is acknowledged.
• B) Millie initially dishonored the instrument when she asked for proper identification.
• C) Millie initially dishonored the instrument when she refused to pay it on the basis that she lacked funds with which to do so.
• D) The note was not dishonored until Anne told Henry that he would have to seek recovery from Bob.
• E) The note was considered initially dishonored 30 days after Henry started seeking Bob, but was unable to find him.

---

Definitions:

Sarbanes Oxley

A U.S. federal law that was enacted in 2002 to protect investors from fraudulent financial reporting by corporations, also known as the Sarbanes-Oxley Act of 2002.

Compliance Costs

Expenditures incurred by an organization to ensure it is abiding by relevant laws, regulations, and standards.

Federal Sentencing Guidelines

A set of rules that establish uniform sentencing policies for individuals and organizations convicted of federal crimes in the United States.

Supreme Court

The highest judicial court in a country or state, which has the ultimate judicial authority to interpret and apply the law.