Asked by Rafael Leyva on Jul 02, 2024
Which of the following is a draft with respect to which the drawer and drawee are the same bank or branches of the same bank?
A) Cashier's check
B) Traveler's check
C) Certified check
D) Check certificate
E) Approved draft
Cashier's Check
A cashier's check is a check guaranteed by a bank, drawn on the bank's own funds and signed by a cashier.
Draft
A preliminary version of a piece of writing, document, or legislation that is subject to further revision and editing.
Drawer
The party that writes and signs a check, directing a bank to pay the check's amount to the person or entity named as the payee.
- Determine the categories of negotiable instruments acknowledged by the Uniform Commercial Code (UCC).
Learning Objectives
- Determine the categories of negotiable instruments acknowledged by the Uniform Commercial Code (UCC).
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