Which of the Following Is True of the Obligations of an Acceptor

question 49

Multiple Choice

Which of the following is true of the obligations of an acceptor?

• A) If the certification or acceptance does not state an amount, then the acceptor is free of all obligations.
• B) If the certification of a check or other acceptance of a draft states the amount accepted, the obligation of the acceptor is the amount of the instrument at the time a holder in due course takes it.
• C) If the certification of a check or other acceptance of a draft states the amount certified or accepted, the obligation of the acceptor is that amount.
• D) If the certification or acceptance does not state an amount, or if the amount of the instrument is subsequently raised, then the obligation of the acceptor is the raised amount.

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