Raye Walker was a bookkeeper for O.K. Moving & Storage Company. She opened a checking account in
Question:
Raye Walker was a bookkeeper for O.K. Moving & Storage Company. She opened a checking account in her name at Elgin National Bank. She then took checks that were made payable to O.K. Moving & Storage, indorsed them "For Deposit Only, O.K. Moving & Storage Co., 80 Carson Drive, N.E., Fort Walton, Florida," and deposited them in her individual account at Elgin National Bank. In a period of one year, she deposited, and Elgin Bank accepted for deposit to her account, checks totaling $19,356.01. When O.K. Moving & Storage discovered this, it sued Elgin Bank for $19,356.01 for conversion of its checks. Should Elgin Bank have permitted the checks restrictively indorsed "For Deposit Only" to a corporation's account to be deposited to an individual account?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 81% (11 reviews)
No Elgin Bank had to repay OK Moving Storage for all the restrictively indorsed checks ...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.