Asked by Skylar Nicholson on May 22, 2024
Verified
A cashier's check is a check drawn by a bank upon itself to the order of a named payee.
Cashier's Check
A check issued by a bank, drawn on its own funds rather than the account of a private individual, offering a high level of guarantee of payment.
Bank
A banking entity authorized to accept deposits, extend credit, and offer diverse financial services to both private individuals and commercial entities.
- Recognize the features and classifications of negotiable instruments.
Verified Answer
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Final Answer :
True
Explanation :
A cashier's check is indeed a check that is drawn by a bank on its own funds and signed by a cashier or other bank official, made payable to a specific payee. This type of check is guaranteed by the bank.
Learning Objectives
- Recognize the features and classifications of negotiable instruments.