Asked by Mike Tyson Bing Bong on May 07, 2024
Verified
If a bank chooses to certify a check,the drawee is discharged from any further obligation.
Drawee
The party in a financial transaction who is directed to pay a specified amount of money on a check or draft.
Certify
The act of officially recognizing someone or something as having met a particular standard or criteria.
- Understand the roles and obligations of parties involved in certified checks and drafts.
Verified Answer
AE
Ashanti ElizabethMay 13, 2024
Final Answer :
False
Explanation :
When a bank certifies a check, it essentially guarantees the availability of funds, but the drawee (the person who wrote the check) is not discharged from their obligation until the check is actually paid.
Learning Objectives
- Understand the roles and obligations of parties involved in certified checks and drafts.