Asked by Morgan Brunk on Jun 29, 2024
Verified
Boston Bank receives one of their payable checks made to the order of the Same Sex Alliance organization of Massachusetts for $1,000.The check comes from a valid account and there are funds in that account to cover the check.The CEO of Boston Bank does not agree with the mission of the Same Sex Alliance and refuses to honor the check.Boston Bank is within its power as a bank to do this.
Same Sex Alliance
A partnership, union, or alliance that involves individuals of the same gender; often used in the context of legally recognized relationships or marriages.
CEO
Chief Executive Officer - The highest-ranking executive in a company, responsible for making major corporate decisions and managing the overall operations and resources of the company.
Honor
In banking and finance, refers to the act of accepting or paying a negotiable instrument when it is presented.
- Describe the effects of a bank's oversight or failure in executing its duties, involving pecuniary settlements.
Verified Answer
Learning Objectives
- Describe the effects of a bank's oversight or failure in executing its duties, involving pecuniary settlements.
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