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Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
Edition 19ISBN: 978-1305654921Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
Edition 19ISBN: 978-1305654921 Exercise 5
Gaby Gonzalez obtained two CDs at Second Federal Savings and Loan Association (Second) with her daughter, Juana Martinez, as beneficiary. Right before Gonzalez died, she told her cousin, Rafael Gonzalez, where to find her CDs. The CDs had a line through Martinez's name and Rafael Gonzalez's name added in the section for beneficiary with the notation, "REVISED BENEFICIARY... RC." After Gaby's death, Rafael withdrew some funds to pay funeral expenses and legal fees from one of the CDs. Several years later, Rafael discovered that Second had paid the CDs to Hector Gonzalez, who was the administrator of Martinez's estate. Rafael sued Second, claiming as the beneficiary that it should have paid him. Who was entitled to the proceeds of the CDs?
Explanation
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Bank's Liability:
A bank carries the du...
Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
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