Examlex
Which of the following accounting concepts makes it possible to separate business transactions from personal transactions?
Without Recourse
A term indicating that the holder of a financial instrument cannot demand payment from the original issuer or underwriter in the event of non-payment by the borrower.
Qualifying Words
Words in a legal document that specify conditions or modify the meaning of other words to which they apply.
Accommodation Party
An Accommodation Party is an individual or entity that signs a negotiable instrument on behalf of another, guaranteeing payment without receiving a direct benefit.
Indorser
The person who signs the back of a negotiable instrument, such as a check, thereby transferring ownership or guaranteeing payment to another party.
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