An Indorsee Cannot Use the Notation "Without Recourse" to Avoid

question 42

True/False

An indorsee cannot use the notation "without recourse" to avoid liabil?ity for payment on the instrument.

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Definitions:

Income

Financial gains obtained regularly as a result of working or investing.

Imputed Interest Rules

IRS rules that assign a market-rate interest value to certain transactions where no interest or an unrealistic amount of interest is charged.

Personal Residence

A dwelling where an individual lives for the majority of the tax year, which can include a house, apartment, trailer, or boat.

Sale of Property

The act of transferring ownership of real estate or personal property from one party to another for a price.