A person who transfers a negotiable instrument to another for consideration warrants all but which of the following? Multiple Choice That the instrument has not been altered. That he or she is unaware of insolvency proceedings against the maker, acceptor, or drawer of the instrument.

A person who transfers a negotiable instrument to another for consideration warrants all but which of the following? Multiple Choice That the instrument has not been altered. That he or she is unaware of insolvency proceedings against the maker, acceptor, or drawer of the instrument.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter26: Tax Practice And Ethics

Section: Chapter Questions

Problem 10DQ

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Concept explainers

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.

Question

A person who transfers a negotiable instrument to another for consideration warrants all but which of the following?
Multiple Choice
235
42,678
That the instrument has not been altered.
That he or she is unaware of insolvency proceedings against the maker, acceptor, or drawer of the instrument.
That the instrument is not subject to be garnished.
That the signatures on the instrument are authentic and authorized.
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