A bank on whom presentment is made may require __________ from the person making
ID: 391322 • Letter: A
Question
A bank on whom presentment is made may require __________ from the person making the presentment.
Reasonable identification.
Collateral.
Advance notice.
Security filings.
The usual means for accepting a check is to have the check ________.
Notarized.
Pledged.
Inspected.
Certified.
The drawee of a check is not liable on the instrument until the check is _______.
Accepted.
Rejected.
Dishonored.
Presented.
If a bank dishonors an instrument, it must give notice of dishonor ______.
Immediately.
Before its "midnight deadline."
Within 30 days.
Within one year.
A.)Reasonable identification.
B.)Collateral.
C.)Advance notice.
D.)Security filings.
Explanation / Answer
1.A bank on whom presentment is made may require __________ from the person making the presentment.
Answer: reasonable identification
This is required so as to ascertain that the person is the right person to do presentment.
2.The usual means for accepting a check is to have the check ________.
Answer: Certified
As this the way banks verifies the signature and ensure that the money is there in the account.
3. The drawee of a check is not liable on the instrument until the check is_______.
Answer: Accepted.
Drawee are liable Only when the Drawee accept the check after verification and than does not fulfill its obligation
4.. If a bank dishonors an instrument, it must give notice of dishonor ______.
Answer: Before its "midnight deadline."
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