Posted: June 4th, 2014

checks that are not good

checks that are not good
1- Contact your local bank and find out what the fee is for a depositing a rubber check. List the process that is involved when banks are in possession of checks that are not good.

2-Is the following instrument negotiable, explain with proper support: I, Richard Bell, hereby promise to pay to the order of Lorry Motors 10,000 dollars, upon the receipt of the final distribution from the estate of my deceased aunt, Rita Dorn. This negotiable instrument is given by me as the down payment on my purchase of a 1986 Buick to be delivered in 3 weeks. Richard Bell (signature).

3- Conville signed a note as an officer of the Hughesville Manufacturing Corp. but she did not name the corporation in the note or indicate that she was acting as an officer for it. Later, she was sued by the National Bank, the holder of the note. She raised the defense that the corporation was liable on the note. Who was liable? Explain with proper support.

4- On 1 April 2001, Mr. Zucchini, a farmer bought a tractor for $50,000 from Garden Farm Equipment. The salesman assured him that it was brand new. Mr. Zucchini executed a negotiable promissory note for $50,000 for the purchase price. The promissory note was properly negotiated by Garden to Henry, a holder in due course. On 1 September 2001, the tractor broke down. Tom, a local mechanic, told Mr. Zucchini that the tractor was not new, but was rebuilt and repainted. When the note became due on 31 March 2002, Mr. Zucchini refused to pay Henry. Discuss the possible solutions to this case, with proper support.

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