Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Friar Tuck drew a check payable to the Sheriff of Nottingham for $25, but blank spaces were negligently left before the number 25 as well

Friar Tuck drew a check payable to the Sheriff of Nottingham for $25, but blank spaces were negligently left before the number "25" as well as the word "twenty-five." The sheriff, without authority, materially altered the check so it read payable for $525. The Sheriff then transferred the check to Maid Marian a HDC. Marian transferred the check to Robin Hood by indorsing, "Pay Robin Hood, without recourse Maid Marian." Robin presented the check to the drawee bank, Sherwood State Bank, for payment, and Sherwood paid the check.

Select one or more: a. Sherwood must recredit Friar Tuck's account for $500, since the check was only properly payable for $25. b. Sherwood cannot successfully sue Maid Marian for breach of Presentment warranties since she signed "without recourse." c. Sherwood cannot sue either Maid Marian or Robin for breach of Presentment Warranties since they did not breach the warranty, as they did not know of the alteration. d. Two answers are correct. e. No answers are correct.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

ISE Computer Accounting With Quickbooks Online

Authors: Donna Kay

2nd Edition

1260590933, 9781260590937

More Books

Students also viewed these Accounting questions

Question

List the activities involved in employer-designed HRD programs

Answered: 1 week ago