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True or False Quiz
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1
If a transfer of a nonnegotiable instrument is made, it is an assignment.
A)True
B)False
2
In order to negotiate any instrument, it must be indorsed.
A)True
B)False
3
Janet is allowed to cash her payroll check "without recourse" if she wishes, in spite of objection by Neighborhood Bank, who has agreed to cash the check.
A)True
B)False
4
Regulation CC was issued by the Federal Reserve Board under the Competitive Banking Act.
A)True
B)False
5
A check names "Mary" as the payee when her legal name is "Maria." She may indorse the check with the name "Mary" only.
A)True
B)False
6
Yasser wants to mail his payroll check to his bank and should therefore indorse it "for deposit only."
A)True
B)False
7
If Gay indorses a check "pay to John when he makes an A in business law" John may not cash the check until he makes an A in business law.
A)True
B)False
8
Manley cashes a payroll check drawn on Titanic Industries, knowing that Titanic has just filed for bankruptcy. Manley has not broken any transfer warranty.
A)True
B)False
9
Julia receives a check containing the notation "payee's indorsement required." If Julia sends her check for deposit in her account at Friendly Bank, Friendly may supply the missing indorsement.
A)True
B)False
10
The financial loss for checks issued as a result of a padded payroll scheme falls on the employer.
A)True
B)False





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