JB
Answered
Set forth the five items that a party warrants when the party transfers an instrument for consideration.
On May 01, 2024
When a party transfers an instrument for consideration,he or she warrants that:
(a)The transferor is entitled to enforce the negotiable instrument;
(b)Signatures on the instrument are authentic and authorized;
(c)The instrument has not been altered;
(d)The instrument is not subject to a defense or claim in recoupment; and
(e)The transferor has no knowledge of insolvency proceedings against the maker,acceptor,or drawer of the instrument.