Asked by Alexandria Russell on Jun 13, 2024
Verified
The use of the qualifying word(s) __________ is/are understood to place purchasers on notice that they may not rely on the credit of the person using this language.
A) "Accepted"
B) "Certified"
C) "Without recourse"
D) "Insufficient funds"
Without Recourse
A term indicating that the holder of a financial instrument cannot demand payment from the original issuer or underwriter in the event of non-payment by the borrower.
Qualifying Words
Words in a legal document that specify conditions or modify the meaning of other words to which they apply.
- Acquire knowledge on the notion of "without recourse" endorsements and how they influence liability.
Verified Answer
KM
Khaled MahmudJun 18, 2024
Final Answer :
C
Explanation :
"Without recourse" is a term used to indicate that the person or entity using this language is not taking on liability or responsibility, thus putting purchasers on notice that they cannot rely on the credit of the person using this term.
Learning Objectives
- Acquire knowledge on the notion of "without recourse" endorsements and how they influence liability.