Under the UCC, How Can Proper Presentment Be Made

question 30

Multiple Choice

Under the UCC, how can proper presentment be made?

• A) By any commercially reasonable means.
• B) Only through a clearinghouse procedure.
• C) Only at a place designated in the instrument.
• D) By any commercially reasonable means, through a clearinghouse procedure, or at a place designated in the instrument.
• E) By any commercially reasonable means or at the place designated in the instrument, but not through a clearinghouse procedure.

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Definitions:

Pre-Signed Blank Cheques

A risky financial practice that involves signing a cheque before the amount payable is entered, leaving it vulnerable to fraud or misuse.

Limited Access

A situation or condition where access or entry is restricted or controlled, often referring to restricted data or locations.

Segregation Of Duties

A risk management and internal control principle that divides responsibilities among different people to reduce the risk of error or fraud.

Accounts Payable Clerk

A professional responsible for managing a company's outgoing bills and invoices, ensuring payments are made on time and records are kept.