Asked by Ciara Lawrence on May 12, 2024
Verified
When a specific payee is named in an instrument,this is known as a(n) ________ instrument.
A) demand
B) order
C) conditional
D) bearer
E) qualified
Order Instrument
A financial document that is payable to a specific person or entity, as named or endorsed on the instrument.
Specific Payee
A person or entity named in a negotiable instrument to whom or to whose order the money is directed to be paid.
- Differentiate between the characteristics of order and bearer instruments including their respective negotiation procedures.
Verified Answer
CR
Chanakya Ram PrasadMay 18, 2024
Final Answer :
B
Explanation :
According to Uniform Commercial Code Section 3-109(b),when a specific payee is named in an instrument,this is known as an order instrument.
Learning Objectives
- Differentiate between the characteristics of order and bearer instruments including their respective negotiation procedures.