If a Customer Does Not Notify the Bank of an Unauthorized

question 16

Multiple Choice

If a customer does not notify the bank of an unauthorized signature within ________ days after the statement has been made available,she cannot hold the bank liable for the payment under the UCC.

• A)60
• B)20
• C)45
• D)30
• E)10

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Definitions:

Preferred Shareholders

Investors who own preferred shares in a company, giving them priority over common shareholders in the distribution of dividends and assets.

Dividend Distributions

Payments made by a corporation to its shareholders, usually derived from the company's earnings.

Cumulative Voting

A voting system that allows shareholders to concentrate their votes on a single candidate for the board of directors.

Board of Directors

A group of individuals elected by shareholders to oversee the management and make major decisions for a company.