Rau obtains a loan from Security Funds and signs a note for the amount payable to the lender. Security Funds indorses the note and sells it to Tomas. With the intent to cancel Rau’s obligation on the note, Tomas writes “Paid” across its face. This discharges the liability of a. no one. b. Rau only. c. Security Funds only. d. Rau and Security Funds
Q: 10.Which of the following would be a business bad debt if it were uncollectible? a) A taxpayer…
A: Bad debt is an expense incurred by a firm when a customer's repayment of credit previously granted…
Q: Nick steals two checks from Pauline-a blank check and a check payable to the order of Retail Outlets…
A:
Q: y the creditor on
A: The answer is explained as, As per protocol, allowed to answer first question and post the…
Q: . Assuming that B issues the following checks, when may she be chargeable for violation of the…
A: 1. There is a special law on anti-bouncing of checks in addition to Article 315 of the Revised Penal…
Q: A taxpayer forgot to register his book of accounts on time. Which of the following penalties will be…
A: Step 1 Failure to maintain and filling of books of accounts and all the related documentation will…
Q: I am not able to make my mortgage payments. The amount I owe the lender is more than the value of my…
A: Mortgage is referred as the kind of loan, which helps in purchasing or maintaining the land, home,…
Q: What kind of obligation is involved in the problem? Explain why do you say so.
A: Business uses this contribution margin to rank their product in case multiple products are being…
Q: The most common way to perfect a security interest is by: Group of answer choices -filing a…
A: In the event that the debtor becomes insolvent, a secured party perfects a security interest to…
Q: Use legal basis in answering M signed a blank check and put it in his office table. B stole it and…
A: The stolen check of M is negotiated with C and C presents it for payment to the bank but the bank…
Q: 1. The imputed interest rules apply to which of the following type of loan? a.Coercion-related…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Mr. Ahmed issued a cheque for RO 5,000 to Mr. Khalid by drawing two cross lines on it, but failed to…
A: Ans. When two parallel lines are drawn at the corner of a cheque it is called a cross cheque. A…
Q: Define compensation as a mode of extinguishing an obligation, and distinguish it from payment
A: Since you have posted multiple questions, we will solve the first question for you. If you want a…
Q: Please contemplate the following scenarios and answer accordingly. a. Islamic banking has entered…
A: Islamic banking is a type of banking that follows and focuses on Shariah rules and laws. Islamic…
Q: Question 12 of 75. Quentin and Samira jointly own their home when Quentin defaults on credit card…
A: Ownership transfer refers to the title conveyance which involves the use of the property by…
Q: 1. Adrian is a bank manager. A customer Neo has come into the bank. Neo has a mortgage loan with the…
A:
Q: To collect the debt, a Lotsa Goodies representative contacts Kip’s parents. This violates a.…
A: The right answer is D no federal law
Q: wrote out an instrument that states: "Pay to X the amount of Php1 Million for collection only.…
A: In the given case option No, since X is merely an agent of Z, his only right being to collect is…
Q: A drawer, knowing that he has insufficient credit in the bank, issues a check, which was eventually…
A: A drawer is the person who draws a check to the drawee in order to fulfil some financial obligation.…
Q: True or False. 1. The loan is considered fully paid and the debtor is released from the…
A:
Q: X is indebted to Y in the amount of P25,000.00. In order to escape payment of his debt to Y he sold…
A: In Absolute Simulation the ownership of the thing is not transferred if the contract is not proved…
Q: Note: Just provide the right answers no need for many information or explanations. 44 a penalty…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: 22) Ahmed discounts the bill with the bank, the acceptor of the bill being Salma. Till the day the…
A: Bill of discount is a credit facility provided by the bank where the seller can cash the bill…
Q: X is a depositor of AAA Bank. She has three deposit accounts all under her name. One, in checking…
A: In case of bank insolvency, the individual can claim up-to 2/3 of the available amount in all of the…
Q: . T realizes $100,000 of income in Year 1. b. T doesn’t realize any income in Year 1 because he had…
A: The correct answer is:- c. T realizes $100,000 of income when the embezzlement is discovered in…
Q: 52 Qato forges Rush’s name as the drawer of a stolen check, drawn on Scrutiny Bank, makes the item…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Mr. Salim has an overdraft limit of RO 40,000 with Bank Muscat. Today the debit balance in the…
A: Overdraft means that you don't have funds in your account but bank still provides you money.
Q: First Bank Company holds a note from Jason Black and the first mortgage on real estate owned by…
A: We can come up on Mr, Black's position at the given stage using the steps below:
Q: Quince owns a used-car lot where Ray works as a salesperson. Quince tells Ray not to make any…
A: When there is contract an agreement between two person it is duty of both the parties to be abide by…
Q: 11. Tine withdrew from his current bank account the sum of P120,000 and exchanged it for the bank’s…
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…
Q: Mr. Tom promises to find a job for Mr. Martin in a public company. Mr. Martin promises to pay 1000…
A: A contract is a written or oral agreement with precise terms between two or more people or entities…
Q: elly sold his car to Buyie for 120,000 payable in 12 equal installments of 10,000 each month. As a…
A: Answer: Given is Selly sold his car to Buyie for 120,000 Installments= 12 Installment amount= 10000
Q: SCENARIO: Doris maintained an IRA account at the brokerage firm ABC. On February 11 of the current…
A: Tax is the liability which has to be paid by the individual and the corporation to the Federal…
Q: Margaret issues a promissory note payable to the order of Pancho. Pancho indroses the note to…
A: Notes payable represent the obligation of the issuer containing the promise to pay the due sum…
Q: David owns a liquor store in a high-crime area. In order to obtain a reduced insurance premium,…
A: Insurance of a property refers to the arrangement in which the insurance company pays the…
Q: 1. Journalize all entries for Team Bank related to the note for 2018 and 2019. 2. Which party has a…
A: Loan is the amount of money or finance that is being borrowed by the business. It can be taken for…
Q: Frank forges the signature of his father on a cheque and draws $5,000 from the account. Examine the…
A: Drawer: the person or entity whose transaction account is to be drawn. Usually, the drawer's name…
Q: 53. Janice Morgan, age 24, is single and has no dependents. She is a freelance writer. In January…
A: Taxable income is the earned income upon which a fixed percentage is levied as obligation.
Q: Joanna takes a security interest in the equipment in Jason Store and files a financing statement…
A: SECTION NO : 9 - 324 of the Uniform Commercial Code (UCC)
Q: Branch A-A person has had a child, and on his second birthday the father deposits a sum of money in…
A: The given question is related to the calculation of the present value of a future value. In the…
Q: A certificate of deposit (CD) is issued when Lo-Risk Invest LLC deposits funds with Money Bank on…
A: : We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
63
Rau obtains a loan from Security Funds and signs a note for the amount payable to the lender. Security Funds indorses the note and sells it to Tomas. With the intent to cancel Rau’s obligation on the note, Tomas writes “Paid” across its face. This discharges the liability of
|
|||
|
|||
|
|||
|
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 1. Adrian is a bank manager. A customer Neo has come into the bank. Neo has a mortgage loan with the bank. Neo claims he has lost his job and will not be able to pay the loan back. His monthly payment is $1,000. Neo offers Adrian $7,500 as an accord and satis-faction. Can Neo enter into an accord and satisfaction with the bank? If not, how can he extinguish his liability to the bank? 2. Adrian is a bank manager. A customer Neo has come into the bank. Neo has a mortgage loan with the bank. Neo claims he has lost his job and will not be able to pay the loan back. His monthly payment is $1,000. Neo offers Adrian $7,500 as an accord and satis-faction. Can Neo enter into an accord and satisfaction with the bank? If not, how can he extinguish his liability to the bank?The bill of exchange written by W states that BPI Family Savings Bank will get the reimbursement of the payment from W’s savings account. What element is present in this situation? A. There is an unconditional order to pay. B. There is period to pay the bill. C. It is payable to order D. None of the above The bill of exchange written by X indicates that for the payee to receive the money from the drawee bank, the payee must first sell his house and car and give the proceeds to charity. What element is present in this situation? A. There is an unconditional order to pay. B. There is period to pay the bill. C. It is payable to order D. None of the aboveKip opens an account at Lotsa Goodies, and buys a digital music player and other items, but makes no payments on the account. To collect the debt, a Lotsa Goodies representative contacts Kip’s parents. This violates a. the Fair Debt Collection Practices Act. b. the Fair and Accurate Credit Transactions Act. c. the Truth-in-Lending Act. d. no federal law
- Peter uses a savings account with a bank. The contract between Peter and the bank is one of: D. Mutuum B. Commodatum C. Deposit A. AgencyJoanna takes a security interest in the equipment in Jason Store and files a financing statement claiming “equipment and all after acquired equipment.” Berkeley later sells Jason Store a cash register, taking a security interest in the register, and (a) files nine days after Jason receives the register or (b) files twenty-five days after Jason receives the register. If Jason fails to pay both Joanna and Berkeley and they foreclose their security interests, who has priority on the cash register? Explain.True or False 1. A debtor may authorize anybody to pay the creditor on his behalf. 2. The creditor has no right to refuse payment from person authorized by the debtor. 3. The debtor is obliged to pay the loan unconditionally. 4. Creditor has the right to demand payment of cash only. 5.
- Micah asks his girlfriend Brandi if he can borrow her car. Brandi agrees to allow Micah to use her car for the day. Multiple Choice A leasehold has been created. An easement has been created. A fee simple defeasible has been created. A bailment has been created. If a transaction is unsecured what might a creditor request in exchange for offering a line of credit? Multiple Choice A recorded security A perfected security interest A legal guaranty A personal guaranty The court cannot force creditors to agree to a reorganization plan even if it is fair, equitable, and feasible. True FalseUse legal basis in answering M signed a blank check and put it in his office table. B stole it and filled up the amount and wrote his name as payee. B, negotiated the check to C who paid value therefor in good faith. C, presents it for payment to the drawee bank, but the bank refused to pay due to the stop payment order previously given by A. Can C, collect from M the amount of the check? Can C run after B?Betty writes a check for $500 payable to Luanne and drawn on Union Planters Bank. Luanne indorses the check on the back and gives the check to Randolph in payment for a couch that Luanne buys from Randolph. Randolph indorses the check on the back, under Luanne's signature, and takes the check to Union Planters Bank to cash. Union Planters Bank dishonors the check, even though there are sufficient funds in Betty's account. Primary liability for honoring the check that Randolph presented to Union Planters Bank lies with: Union Planters Bank and Betty. Betty only, because she is the drawer. Union Planters Bank only. Randolph's only recourse is to sue Union Planters Bank. Luanne only, because Luanne is the party from whom Randolph received the check.
- Can you answer all the questions please i would really appreciate it 52 Qato forges Rush’s name as the drawer of a stolen check, drawn on Scrutiny Bank, makes the item payable to Qato, and deposits it in his own Scrutiny account. In response to a call from the bank, Rush ratifies the signature. In this situation, Rush is liable to pay the amount to a. ordinary holders only. b. HDCs only. c. ordinary holders, HDCs, and holders through HDCs. d. no one. 54Textile Inc. sells goods to United Stores in exchange for a note signed by the buyer. Textile sells the note to Valley Finance Company. In this situation, transfer warranties arise because a. Valley has no knowledge of any bankruptcy proceedings against United. b. the note was transferred for consideration. c. Textiles did not alter the note. d. the signatures on the note were authentic and authorized 57It is assumed that a drawer or maker will recognize his or her own signature and that a maker or an acceptor will recognize whether…Nick steals two checks from Pauline a blank check and a check payable to the order of Retail Outlets Company, drawn on Pauline's account with State Bank. Nick forges Pauline's signature on the blank check and makes it payable to himself. Nick forges Retail Outlets's indorsement on the back of the check payable to Retail Outlets, and adds "Pay to the order of Nick." At United Credit Union, Nick indorses the back of both checks with his own name and gives them to United for cash. United does not know about the theft or the forged signatures and presents the checks to State Bank, which pays them. Pauline, who was not negligent, discovers the forgeries and asks State Bank to recredit her account. Who suffers the loss on each check? United Credit Union Previous Page Next Page Page 1 of 50 O H W ENGOn the back of a check "payable to Huan," Huan signs her name and negotiates the item to Ito. To avoid liability on the item if it is later dishonored, Ito should O a. indorse the check "without recourse." Ob.write, above Huan's signature, "Pay to Ito." c. immediately indorse the check in blank. Od. make a copy of the check and place it in a secure location.