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39. Mike loses his Citibank access card. He realizes his loss the next day but waits one week to call Citi Bank. Meanwhile, Scott finds
39. Mike loses his Citibank access card. He realizes his loss the next day but waits one week to call Citi Bank. Meanwhile, Scott finds and uses Mike's card to withdraw $3,000 from Mike's account. Mike is responsible for: (a) $0 (b) $50 (c) $ 500 (d) $3,000 (e) None of the above. 40 Slick is the payroll clerk for the Detroit Murahs Hockey team and in this capacity issues a paycheck to Rhoda. Rhoda is not employed by the Detroit Murahs but she is Slick's girlfriend. Rhoda presented the check to CHASE Bank and it was paid. Rhoda has never been seen since. (a) The fictitious payee rule cannot apply because Rhoda is a real person. (b) The fictitious payee rule does not apply due to conflicts between Articles 3 and 4 of the UCC (c) The Detroit Murahs will suffer the effect of Slick's conduct under the Fictitious Payee Rule (d) The bank will suffer the loss (e) None of the above. FILL IN THE BLANKS 41 If commercial paper does not contain the elements necessary to be a negotiable instrument under Article 3 of the UCC, then the rights of the parties are interpreted under 42 If a person is requested to sign a negotiable instrument as a co-signer and agrees to do so, the person is known as 43 If someone runs into your office and requests that you sign a paper and you do not have the time to carefully review and you sign, and you later learn you signed a negotiable instrument, you may be in a position to use the defense of 44 The Electronic Fund Transfer Act pertains to four different electronic pay systems. These include ATMs and 45 A sum of money that is deposited with a bank for a period of time with the promise of its return together with interest earned is called
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