If a Transfer Is Through Endorsement, Transfer Warranties Apply to Any

question 61

True/False

If a transfer is through endorsement, transfer warranties apply to any future holders; however, if the transfer does not occur through endorsement, the warranties apply only to the transferee.

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Definitions:

Medium of Exchange

A mediating device designed to help in the transaction, acquisition, or swapping of items between participants.

Store of Value

An asset that can be saved, retrieved, and exchanged at a later time, and predictably will be able to purchase goods or services equivalent to its current value.

M1 Money Supply

This term describes a category of the money supply that includes all physical money like coins and currency, as well as demand deposits and other liquid assets held by the central bank.

Checkable Deposits

Bank accounts that allow the account holder to write checks or use electronic debit to access funds, including both checking and demand deposit accounts.