Assuming a Proper and Timely Claim Is Made,which of the Following

question 50

Multiple Choice

Assuming a proper and timely claim is made,which of the following is true regarding the UCC's allowance of full recovery in the event that certain types of checks are lost,stolen,or destroyed?

• A)The UCC allows for full recovery if a cashier's check or certified check is lost,stolen,or destroyed;but full recovery is not allowed if a teller's check is lost,stolen,or destroyed.
• B)The UCC allows for full recovery if a cashier's check is lost,stolen,or destroyed;but in regard to a teller's check or certified check,full recovery is only allowed if the instrument is lost or stolen,not if it is destroyed.
• C)The UCC allows for full recovery if a cashier's,certified,or teller's check is lost,stolen,or destroyed.
• D)Because individuals are expected to properly safeguard checks,the UCC does not allow for recovery if a cashier's,teller's,or certified check is lost,stolen,or destroyed.
• E)The UCC allows for full recovery if a cashier's check is lost,stolen,or destroyed;but full recovery is not allowed if a teller's check or certified check is lost,stolen,or destroyed.

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Definitions:

Documents Of Title

Legal documents that prove ownership of goods or property, such as bills of lading or warehouse receipts.

Consumer Goods

Products and commodities purchased by individuals for personal or household use.

Farm Products

Goods involved in farming operations, including crops, livestock, and products obtained from crops or animals (like milk or wool).

Financing Statement

A document filed to give public notice to third parties of a secured party's interest in the property of a debtor, typically used in securing transactions under the UCC.