REG Study Group Q4 2014 - Page 257

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  • November 27, 2014 at 1:23 am #633056
    Anonymous
    Inactive

    Those are all weak spots for me too. Let's start with Negotiable instruments.

    November 27, 2014 at 1:24 am #633057
    Anonymous
    Inactive

    1–What are the two types of Negotiable Instruments?

    November 27, 2014 at 1:24 am #633058
    REGTaker
    Member

    Okay (*Agrees begrudgingly”) 🙂

    November 27, 2014 at 1:24 am #633059
    REGTaker
    Member

    notes and drafts

    November 27, 2014 at 1:24 am #633060
    REGTaker
    Member

    2-What are the attributes of a draft?

    November 27, 2014 at 1:27 am #633061
    Anonymous
    Inactive

    I hate these things – one teeny tiny word completely changes each! But, if I don't study it, it WILL show up on my exam (I am convinced of this).

    2–draft is a 3 party instrument drawn by one party to pay another.

    November 27, 2014 at 1:28 am #633062
    Anonymous
    Inactive

    3–What are the requirements to be a Negotiable Instrument?

    November 27, 2014 at 1:28 am #633063
    REGTaker
    Member

    Correct! “An order by one person, drawer, to another person, drawee/bank, to pay money to a third person, payee. Good job!

    November 27, 2014 at 1:29 am #633064
    REGTaker
    Member

    3-Made payable to either bearer or order. For a definite date or on demand. For a definite amount. Must be signed by the maker.

    November 27, 2014 at 1:31 am #633065
    REGTaker
    Member

    4-What distinguishes a check from other drafts?

    November 27, 2014 at 1:32 am #633066
    Anonymous
    Inactive

    3 – Correct! Also – must be in writing and be without conditions for payment

    November 27, 2014 at 1:33 am #633067
    Anonymous
    Inactive

    4– Checks must be payable on demand?

    November 27, 2014 at 1:33 am #633068
    Anonymous
    Inactive

    5– What are some of the different types of endorsements?

    November 27, 2014 at 1:33 am #633069
    REGTaker
    Member

    4-Yes and drawn on a bank. I guess other drafts are not drawn on a bank. Can't think of an example of one of those right now.

    November 27, 2014 at 1:34 am #633070
    REGTaker
    Member

    Ick

    5-Qualified (without recourse)

    Blank which turns it into bearer paper

    Restrictive (can't remember definition)

    Special (can't remember definition)

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