Asked by Teesean Patterson on May 17, 2024
Verified
What is the effect of an unqualified, blank endorsement?
A) It turns previous order paper into bearer paper.
B) It turns previous bearer paper into order paper.
C) It turns a blank endorsement into a special endorsement.
D) It turns an allonge into an endorsement.
E) It turns an endorsement into an allonge.
Unqualified
Without any conditions, limitations, or reservations; often referring to an endorsement or opinion that has no restrictions.
Blank Endorsement
An endorsement on a financial instrument with only the signature of the endorser, making it payable to whoever holds the document.
Bearer Paper
An instrument that is not made out to a specific person and can be transferred by possession alone, allowing the holder to claim the rights of the paper.
- Determine the necessaries and outcomes of negotiation for assorted negotiable instruments.
Verified Answer
Learning Objectives
- Determine the necessaries and outcomes of negotiation for assorted negotiable instruments.
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