Asked by Ebenezer Akinoluyemi on Jul 07, 2024
Verified
Which of the following indorsements is a restrictive indorsement?
A) "Pay to Jack Black,Mel Gibbs"
B) "Mel Gibbs"
C) "Pay to Jack Black in Trust for Mel Gibbs"
D) "Pay to the Order of Jack Black,Mel Gibbs"
Restrictive Indorsement
A limitation specified on the face of a check or document that restricts the further transfer of its title or requires certain conditions to be met.
Trust
A fiduciary relationship in which one party, known as a trustee, holds title to property for the benefit of another party, known as a beneficiary.
Pay to
Directs the transfer of money or assets to a specified person, entity, or account as outlined in a financial or legal document.
- Absorb the specific needs and legal effects related to different versions of restrictive and qualified indorsements.
Verified Answer
Learning Objectives
- Absorb the specific needs and legal effects related to different versions of restrictive and qualified indorsements.
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