REG Study Group Q4 2014 - Page 258

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  • November 27, 2014 at 1:36 am #633071
    REGTaker
    Member

    6-How can bearer paper and order paper be negotiated?

    November 27, 2014 at 1:37 am #633072
    Anonymous
    Inactive

    other drafts – trade acceptance – A draft drawn by a seller-drawer on the buyer-drawee for the buyer-drawee's agreement (acceptance) to pay the amount of the purchase price of the sale plus interest upon presentment to the drawee – acceptor. I'm thinking this is when you buy something on credit from a store?

    November 27, 2014 at 1:39 am #633073
    REGTaker
    Member

    Like a line of credit?

    November 27, 2014 at 1:39 am #633074
    Anonymous
    Inactive

    5 – Correct!

    Special endorsement – Names a new payee – turns into order paper

    Restrictive endorsement – Adds restrictions (like “for deposit only”) and can't stop someone from further negotiating the instrument

    November 27, 2014 at 1:41 am #633075
    Anonymous
    Inactive

    According to my book, a line of credit is a Non-negotiable instrument. My thinking was more like if you buy furniture from a store, they will give you credit from the store to buy your furniture and pay them back.

    November 27, 2014 at 1:43 am #633076
    Anonymous
    Inactive

    6–Bearer paper – isn't that like a blank check? So, whenever?

    Order paper – do you need to endorse the check first?

    November 27, 2014 at 1:43 am #633077
    REGTaker
    Member

    My book only lists check under “drafts”. nice.

    November 27, 2014 at 1:44 am #633078
    Anonymous
    Inactive

    7–A check states “One Hundred Dollars”, but the check is written for “$1000”. What amount can the check be negotiated for?

    November 27, 2014 at 1:44 am #633079
    REGTaker
    Member

    6-Close.

    Bearer paper can be negotiated by delivery only

    Order paper must be negotiated by delivery AND endorsement

    November 27, 2014 at 1:46 am #633080
    REGTaker
    Member

    7-The written amount always wins.

    That knowledge is the benefit of managing the bank reconciliation process for our 200+ bank accounts for the last 3 years. 🙂 Why can't all the other stuff come as easily??

    November 27, 2014 at 1:46 am #633081
    Anonymous
    Inactive

    I worked as a bank teller in college – I feel that same way!

    November 27, 2014 at 1:47 am #633082
    REGTaker
    Member

    8-Once signed in blank, the negotiable instrument turns into ______?

    November 27, 2014 at 1:48 am #633083
    Anonymous
    Inactive

    OMG. You manage bank recs? I am friends with one of the reconcilers at my work. It seems like such tedious work! I feel for you.

    November 27, 2014 at 1:48 am #633084
    Anonymous
    Inactive

    8–Blank = bearer (Hooray for my NINJA notes!)

    November 27, 2014 at 1:50 am #633085
    Anonymous
    Inactive

    9– For a check, who has primary liability? Who has secondary liability?

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