Asked by Bethany Allen on May 27, 2024
Verified
Set forth the characteristics that a traveler's check must have.
Traveler's Check
A preprinted, fixed-amount check designed to allow the person signing it to make an unconditional payment to someone else as a result of the payee's acceptance.
Countersignature
An additional signature required on a document, serving as a verification or approval of the primary signature.
Designated Date
A Designated Date is a specific date set for a particular event or action to take place.
- Explain the traits, applications, and jurisprudential facets of traveler's checks and cashier's checks.
Verified Answer
ML
Marie LinceMay 31, 2024
Final Answer :
A traveler's check must:
(1) Be payable on demand;
(2) Be drawn on or through a bank;
(3) Be designated by the phrase "traveler's check"; and
(4) Require a countersignature by a person whose signature appears on the instrument. [UCC 3-104(i)]
(1) Be payable on demand;
(2) Be drawn on or through a bank;
(3) Be designated by the phrase "traveler's check"; and
(4) Require a countersignature by a person whose signature appears on the instrument. [UCC 3-104(i)]
Learning Objectives
- Explain the traits, applications, and jurisprudential facets of traveler's checks and cashier's checks.