REG Study Group Q4 2014 - Page 259

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  • November 27, 2014 at 1:50 am #633086
    REGTaker
    Member

    It's a cake walk compared to everything else my department does. I manage the sale/use and property taxes, the fixed assets, the consignment inventory, the business licenses, and month end close out. Could I ever file sales/use tax? Um no. Not at all. But I can do a bank rec all day long. I love doing them when one of my employees are out. It's mindless most of the time. If my tax accountant is out, she has to make it up when she comes back. I should probably work on learning that one of these days. Ick Ick Ick. Hatred for taxes is strong!

    November 27, 2014 at 1:52 am #633087
    REGTaker
    Member

    The drawee (bank) has primary liability and the drawer (maker) has secondary liability because it is presented to the bank first.

    November 27, 2014 at 1:54 am #633088
    REGTaker
    Member

    10-3 elements to be a Holder in Due Course?

    November 27, 2014 at 1:58 am #633089
    Anonymous
    Inactive

    Wow! That is a lot! My old job was just managing the Real Estate, Mortgage Loans, and Limited Partnerships investments. Oh, and Oil and Gas investments. I loved the Real Estate part.

    November 27, 2014 at 1:59 am #633090
    Anonymous
    Inactive

    9–Correct!

    November 27, 2014 at 2:01 am #633091
    Anonymous
    Inactive

    10–HDC always gets me. Taking in Good Faith, No knowledge of issues with investment, and…??? Darn it.

    November 27, 2014 at 2:01 am #633092
    REGTaker
    Member

    That sounds awesome! I would love to do other areas of accounting, but I would have to leave my company to do that. We are the accounting department. I report to the controller and she reports to the CFO. We are a distributor so we don't get any of the other fun stuff and we are a subsidiary so even our stuff is small potatoes compared to what they do at the parent company. Maybe after the CPA…

    November 27, 2014 at 2:02 am #633093
    REGTaker
    Member

    Taking the negotiable instrument for value, in good faith (good job!), and without notice that it is overdue or has been dishonored or of any defense against or claim to it on the part of any person.

    November 27, 2014 at 2:05 am #633094
    Anonymous
    Inactive

    11–What are 3 of the 5 warranties w/ every Commercial Paper transfer?

    November 27, 2014 at 2:05 am #633095
    REGTaker
    Member

    12–What is this term?

    A transferee takes whatever rights his or her transferor had. As a consequence, most subsequent transferees of an HDC can “succeed to” or “take shelter in” the right of the HDC.

    November 27, 2014 at 2:06 am #633096
    REGTaker
    Member

    11–I really don't know what those are at all. Can't say I remember reading about them either. Can you tell me one and let me see if I can get any of the other ones?

    November 27, 2014 at 2:08 am #633097
    Anonymous
    Inactive

    11 – No Defense will stand against it

    November 27, 2014 at 2:10 am #633098
    REGTaker
    Member

    11–I think I'm going to need you to go ahead and give me those other 4. 🙁

    November 27, 2014 at 2:10 am #633099
    Anonymous
    Inactive

    12– Is that the Shelter Rule provision? (I cheated and looked that up – totally drew a blank)

    November 27, 2014 at 2:11 am #633100
    Anonymous
    Inactive

    Title, No Material Alteration, No knowledge of Bankruptcy proceedings, All Signatures are legitimate

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