When the Drawee of an Unaccepted Draft or Check Pays

question 22

True/False

When the drawee of an unaccepted draft or check pays to a holder the amount due in full, all parties to the instrument are discharged.

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Definitions:

Sarbanes Oxley

A U.S. federal law that was enacted in 2002 to protect investors from fraudulent financial reporting by corporations, also known as the Sarbanes-Oxley Act of 2002.

Compliance Costs

Expenditures incurred by an organization to ensure it is abiding by relevant laws, regulations, and standards.

Federal Sentencing Guidelines

A set of rules that establish uniform sentencing policies for individuals and organizations convicted of federal crimes in the United States.

Supreme Court

The highest judicial court in a country or state, which has the ultimate judicial authority to interpret and apply the law.