Asked by Anthony Flesher on May 28, 2024

Verified

Which of the following was the result on appeal in New Wave Technologies Inc.v.Legacy Bank of Texas,the case in the textbook involving whether endorsements of both payees were required in order for the bank involved to properly release funds on a check made out to "Maxim Solutions Group/New Wave Technologies" and providing on the back that "Each Payee Must Endorse Exactly As Drawn"?

A) Under the Uniform Commercial Code,the slash meant "and," resulting in the endorsements of both payees being required before the bank could properly release funds on the check.
B) The slash was ambiguous and would therefore be interpreted to mean "and," resulting in the endorsements of both payees being required before the bank could properly release funds on the check.
C) The slash was ambiguous and would therefore be interpreted to mean "or," resulting in the endorsement of only one payee being required before the bank could properly release funds on the check.
D) The slash was ambiguous,resulting in the check being non-negotiable regardless of how many signatures were on it.
E) While the check would normally be interpreted to require only one payee,the statement on the back that "Each Payee Must Endorse Exactly As Drawn" resulted in the signature of both payees being required before the bank could properly release funds.