When Commercial Paper on Which the Signature of the Maker

question 15

Multiple Choice

When commercial paper on which the signature of the maker or drawer has been forged, the person liable is the:

• A) acceptor.
• B) holder in due course.
• C) drawer.
• D) endorser.

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Definitions:

Joint Tenancy

An estate held by two or more jointly, with an equal right in all to share in the enjoyments of the land during their lives. An incident of joint tenancy is the right of survivorship.

Co-owners

Co-owners share joint ownership or possession of property or assets, each holding a portion of the rights, responsibilities, and benefits associated with the ownership.

Easement

The right to make certain uses of another person’s property or to prevent another person from making certain uses of his own property.

Ownership Transfer

The process by which the legal rights of owning an asset or property are transferred from one person or entity to another.