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Dale issues a check for $4,000,dated June 1,to Evelyn.The check is drawn on First Federal Bank.Evelyn indorses the check and transfers it to Gene.What will trigger the liability of Dale and Evelyn on the check?
UCC Article 9
A provision of the Uniform Commercial Code dealing with secured transactions, including the assignment of security interests in personal property.
Contract Rights
Legal entitlements derived from agreements between parties, which outline obligations, benefits, and conditions agreed upon.
Assignable
Capable of being transferred or made over to the legal control of another party, commonly referring to rights or property under contract.
Donee Beneficiary
A third party who stands to benefit from the execution of a contract, although not a direct party to the agreement.
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