An Assignee's Rights Are Free of the Defenses That the Obligor

question 12

True/False

An assignee's rights are free of the defenses that the obligor has against the assignor.

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Definitions:

Bank Reconciliation

The process of matching and comparing figures from the accounting records against those shown on a bank statement to ensure they are in agreement.

Book Balance

The balance of an account according to the accounting records, before any adjustments or reconciliations have been made.

Check Amount

The sum of money written and authorized for payment on a check.

Internal Controls

Strategies and protocols a corporation uses to safeguard the reliability of their financial and accounting data, encourage responsibility, and avert theft.