Generally, Records in a Customer File Never Become Obsolete

question 50

True/False

Generally, records in a customer file never become obsolete.

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Definitions:

Liability

The state of being legally responsible for something, especially in terms of debts or damages.

Alteration

An unauthorized change to an instrument that modifies the obligation of a party to the instrument.

Promissory Note

A written promise to pay a specified sum of money to a certain individual or entity at a specified time or on demand.

Fictitious-Payee Rule

A principle in commercial law that a bank is not liable for fraudulent endorsement payments if the drawer intended the payee to be fictitious.