Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
5 Cards in this Set
- Front
- Back
|
Holder vs Indorser or Transferor
|
1) Indorser liability also referred to as contract liabliity
|
|
|
Prerequisites to liability
|
1) Presentment- 30 day limit
2) Dishonor 3) Notice of dishonor |
|
|
Liability of indorser
|
Triggered by inducing the instrument
Effect of qualified indorsement |
|
|
Cause of action: breach of transfer warranty
|
Five transfer warranties
1) Made by (potential defendants) anyone who transfers for consideration 2) Run to (potential plaintiffs) immediate transferee and to all subsequent transferee if transfer is by indorsement |
|
|
5 transfer warranties (first 3 most tested)
|
1) Good title
2) genuine signature 3) No material alteration 4) No defenses 5) No knowledge of insolvency proceeding |
