Fact Pattern 25-3
To borrow the funds to pay tuition at Alpha College, Bea signs an instrument unconditionally promising to pay to "Country Loan Corporation" $7,500 with interest in installments with the final payment due June 1, 2030.
-Refer to Fact Pattern 25-3. With respect to this instrument, Country Bank is
A) the drawee.
B) the indorser.
C) the maker.
D) the payee.

Question

Fact Pattern 25-3
To borrow the funds to pay tuition at Alpha College, Bea signs an instrument unconditionally promising to pay to "Country Loan Corporation" $7,500 with interest in installments with the final payment due June 1, 2030.
-Refer to Fact Pattern 25-3. With respect to this instrument, Country Bank is
A) ​the drawee.
B) ​the indorser.
C) ​the maker.
D) ​the payee.

Quizplus · Accepted Answer

Country Loan Corporation is the payee because they are the entity to whom the payment is promised.

Fact Pattern 25-3 To Borrow the Funds to Pay Tuition at Alpha College