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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 11
M O insulation was hired by Quality Insulation to install some insulation. Quality had a line of credit through a promissory note with Harris Bank Naperville. Quality had not complied with its payment schedule, so Harris declared the loan to be in default and immediately due and payable. On September 23, Quality paid M O by check for $76,000 which M O deposited in its bank. On September 24, Harris placed an administrative hold or "freeze" on Quality's account. The same day, M O's $76,000 check was presented for payment. On the 25th, Quality's account had sufficient funds to pay the check, but Harris returned it for insufficient funds. Harris subsequently honored checks totaling $23,700 on the account. M O sued Harris. Harris claimed it had never accepted the check. Had it?
Explanation
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No , Bank H could not be held guilty in ...
Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
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