Asked by jordan gayle on Jun 06, 2024

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Which of the following is an example of restrictive endorsements recognized under Article 3?

A) "Pay to Bruce Zucker in Trust for Jay Zucker."
B) "Pay to Bruce Zucker Only."
C) "Pay to Jay Zucker on the condition that he completes construction on my house by November 1,2012."
D) "Pay to the order of my account."

Restrictive Endorsements

Limiting conditions or instructions written on the back of negotiable instruments, like checks, controlling their use or further transfer.

Article 3

This term could refer to different documents or laws depending on context, such as a specific article in a constitution, treaty, or law code, thus requires specification for an accurate definition.

Trust

A fiduciary arrangement whereby one party, known as a trustee, holds assets for the benefit of another party or parties, known as beneficiaries.

  • Learn the specific requirements and legal effects of different types of restrictive and qualified indorsements.
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JJ
Jasmine JonesJun 12, 2024
Final Answer :
A
Explanation :
Among the more common restrictive indorsements are those indicating that the indorsement is for the benefit of someone other than the person to whom it is payable.For example,"Pay to Arthur Attorney in Trust for Mark Minor."