Choose the Word or Phrase in [ ] Which Will

question 52

Short Answer

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-With an IRA,the [account owner | institution] is the trustee.

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Definitions:

Contractual Liability

The responsibility and obligations that a party is subject to under the terms of a contract.

Without Recourse

A phrase indicating that the holder of a financial instrument cannot demand payment from the originator if the instrument fails to pay.

Indorser

A person or entity that signs the back of a negotiable instrument, thereby transferring ownership or guaranteeing payment to another party.

Negotiable

A term that describes the transferable nature of certain documents or instruments, such as checks, which can be legally and freely passed from one party to another.